Globe Textiles Enters Strategic Expansion with Rs. 4504 Lakh Rights Issue

Globe Textiles (India) Ltd has initiated a Rs. 4504 lakh Rights Issue, with a subscription rate of 14.69% on its first day. The initiative aims to raise funds for strategic expansions, acquisitions, and operational costs, offering existing shareholders a chance to increase their stakes.

AHMEDABAD: Globe Textiles (India) Ltd has launched a Rights Issue valued at Rs. 4504 lakh, attracting a 14.69% subscription rate on its opening day. Priced at Rs. 3 per share, the rights issue aims to provide existing shareholders an opportunity to further invest in the company, reflecting the confidence of stakeholders.

The issue, open from January 24 to February 6, 2025, comes amidst rising share values, offering a lucrative entry point for existing and new investors. Chairman Bhavik Parikh highlighted the strategic goals of this move, which includes expanding operations and securing sustainable growth through strategic acquisitions.

The funds raised will facilitate the acquisition of Globe Denwash Private Ltd, repay unsecured loans, cater to working capital requirements, and manage general corporate purposes, aligning with the company's growth strategy and long-term value delivery plans.

(With inputs from agencies.)