The allotment committee of the luggage manufacturer approved raising Rs 50 crore by issuing non-convertible debenture (NCDs) on private placement basis.The committee on 7 September 2020 approved the allotment of 500 listed, secured, rated, redeemable, non-convertible debenture (NCDs) of Rs 10 lakh each aggregating to Rs 50 crores on private placement basis.
Shares of VIP Industries rose 0.46% to Rs 281.95. The scrip has surged 50.01% from its 52-week low of Rs 187.95 hit on 24 March 2020.
VIP Industries reported a consolidated net loss of Rs 51.32 crore in Q1 June 2020 compared with net profit of Rs 35.08 crore in Q1 June 2019. Net sales tanked 92.9% to Rs 40.33 crore in Q1 June 2020 over Q1 June 2019.
VIP Industries manufactures hard luggage and markets soft luggage imported from Bangladesh and China. VIP is the largest player in the luggage industry in India.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.