Bombay Rayon Fashion Ltd is planning to issue equity shares or securities convertible into equity shares to Qualified Institutional buyers. Issue will raise the capital of Rs300 crores.
Board of Directors gave approval to raise funds from domestic market in the form of "Qualified Institutions Placement" (QIP) in accordance with guidelines of Securities and Exchange Board of India (SEBI).
Company would increase its authorized capital from Rs50 crore to Rs70 crore. With an estimated investment of Rs350 crore, Bombay Rayon will expand its fabric manufacturing capacity from 50 million meter per annum to 120 million per annum and in case of garment manufacturing capacity it will expand from 64,000 units per day to 1,50,000 units per day.
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