Globe Textiles (India) Ltd receives NSE approval for a rights issue up to Rs 49 crore for forward integration plans, acquisitions, and sustainable products.
Globe Textiles (India) Limited, a prominent garment manufacturer, has received in-principle approval from the National Stock Exchange (NSE) for a rights issue to raise up to Rs 49 crore. The funds will be used for forward integration plans, including acquisitions, to strengthen the company's asset base, margins, and topline, as well as introduce innovative sustainable fashion products. This strategic move is expected to improve the company's financial position and increase its estimated turnover by 120 crores to around 520 crores by 2027-28.
February 21, 2024
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