New Delhi: Footwear retail brand Khadim India will raise funds of about Rs 15 crore by way of a preferential issue of fully convertible Equity Share warrants on a private placement basis to one of the promoters and few other identified non-promoter entities, as approved by the board of directors of the company.
The company would issue 4,08,768 (Four Lakh Eight Thousand Seven Hundred Sixty Eight) fully convertible equity share warrants of Rs 10 each which will be converted into Equity Shares of Rs 10 each.
It shall utilize the fund largely towards the nationwide retail expansion and revamping of existing stores which would reinforce its market position.
The warrants will be issued at a price of Rs 365 including a premium of Rs 355 per equity share aggregating up to Rs 14,92,00,320 (Rupees fourteen crore ninety-two lakh three hundred twenty only). The warrants shall be converted into Equity Shares, not later than 18 months from the date of its allotment.
Speaking on this fund raise, Indrajit Chaudhuri, CFO of Khadim India, said, “The company has been at the forefront of meeting the rising demand for the superior quality of fashion footwear at an affordable price point. The preferential issue enables the stakeholders to participate in the growth trajectory of Khadim.”