Globe Textiles, a leading textile company, has announced its plans to raise ₹45 crore through a rights issue. The funds raised will be used for forward integration and growth. The company aims to achieve a revenue of ₹520 crore.

The rights issue is scheduled to close on March 15th. The issue price has been fixed at ₹58 per share, a discount of 20% to the closing price of the stock on the day of the announcement. Each shareholder will be entitled to subscribe to 1 fully paid-up equity share for every 4 equity shares held as on the record date of the issue.

The funds raised through the rights issue will be used for various purposes, including expanding the company’s manufacturing capabilities, increasing working capital, and funding future expansion projects. Globe Textiles intends to use the funds for forward integration into value-added segments of the textile industry.

With the additional funds, the company aims to achieve a revenue of ₹520 crore in the near future. Currently, the company has a revenue of ₹350 crore and is one of the leading textile manufacturers in the country.

Globe Textiles has a strong presence in the domestic market and exports its products to various countries. The company has a wide range of products, including cotton yarn, synthetic yarn, fabrics, and home textiles. It has state-of-the-art manufacturing facilities and follows strict quality control measures to ensure the production of high-quality products.

The announcement of the rights issue has been well received by investors, and the stock price of Globe Textiles has witnessed an increase following the announcement. The rights issue is expected to strengthen the financial position of the company and support its growth plans.

In conclusion, Globe Textiles’ plans to raise ₹45 crore through a rights issue for forward integration and growth reflect its commitment to expanding its operations and achieving higher revenues. The company aims to utilize the funds for various purposes, including expanding its manufacturing capabilities and entering value-added segments of the textile industry. With the additional funds, Globe Textiles aims to achieve a revenue of ₹520 crore in the near future.