Apparel maker Gokaldas Exports raises Rs300 crore through QIP
MUMBAI : Apparel maker and exporter Gokaldas Exports Ltd has raised Rs300 crore from institutional investors through a qualified institutional placement offering (QIP), a person aware of the development told Mint.
The company had launched the QIP offering on 4 October at a floor price of Rs194.58 apiece.
“The company has successfully managed to raise Rs300 crore through the QIP from marquee institutional investors including funds managed by Goldman Sachs, HSBC, Nippon and others. The share sale saw a strong demand of 2 times and shares were sold at the floor price, as against the usual QIP practice of offering a discount on the floor price," said the person cited above.
The company plans to use the funds for repayment or prepayment of all or a portion of its borrowings, financing working capital requirements, inorganic growth opportunities and for making strategic acquisitions, entering into a new business line, the company said in its offer document filed with stock exchanges.
Gokaldas Exports board will meet today to approve the issuance of shares to the QIP investors.
Investment bank JM Financial advised the company on the fundraise.