VIP Clothing heads north after filing draft letter for rights issue

VIP Clothing gained 2% to Rs 63.80 at 10:18 IST on BSE after the company filed draft letter of offer for rights issue with Sebi, BSE and NSE yesterday, 31 July 2017.

The announcement was made after market hours yesterday, 31 July 2017.

Meanwhile, the S&P BSE Sensex was up 37.30 points, or 0.11% to 32,552.24. The S&P BSE Small-Cap index was up 30.19 points, or 0.19% to 16,123.75.

On BSE, so far 5,826 shares were traded in the counter as against an average daily volume of 1.64 lakh shares in the past one quarter. The stock hit a high of Rs 64.25 and a low of Rs 63.80 so far during the day. The stock had hit a 52-week high of Rs 74.25 on 2 August 2016. The stock had hit a 52-week low of Rs 42.25 on 22 November 2016.

The small-cap company has an equity capital of Rs 13.22 crore. Face value per share is Rs 2.

VIP Clothing said that the company has filed draft letter of offer for rights issue yesterday, 31 July 2017 with Securities & Exchange Board of India (Sebi), BSE and National Stock Exchange of India (NSE). The company's board at its meeting held on 22 April 2017 approved raising upto Rs 50 crore by rights issue of equity shares.

VIP Clothing reported net profit of Rs 1.11 crore in Q4 March 2017 as compared with net loss of Rs 7.53 crore in Q4 March 2016. Total income rose 53.55% to Rs 59.44 crore in Q4 March 2017 over Q4 March 2016.

VIP Clothing (formerly Maxwell Industries) is engaged in manufacturing and marketing of innerwear. The company's brands include VIP Innerwear, Frenchie, Frenchie X, and VIP Feelings and all of their sub brands.

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