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VIP Inds to raise Rs 50 cr via NCDs

Capital Market 

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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 08 2020. 14:08 IST