NSE nod to Globe Textiles’ rights issue

New Delhi: The National Stock Exchange (NSE) has granted in-principle approval to garment manufacturer Globe Textiles (India) Ltd for raising over Rs45 crore through rights issue of shares to fund growth initiatives, the company said on Thursday. The company’s rights issue will open on March 6 for the issuance of 15.11 equity shares at Rs3 apiece, aggregating a total of Rs45.34 crore.

Elaborating on the allocation of proceeds, Bhavin Parikh, Chief Executive Officer of Globe Textiles, said: “The funds will fuel our forward integration plans via acquisition translating to enhanced capabilities and driving growth. It will enhance our asset base, margins and topline as well as introduce innovative sustainable fashion garments and practices which are sought after by customers from India, Europe and US. “We are confident that this development will enhance the estimated topline by Rs120 crore to about Rs520 crore while improving margin by 2027-28,” he added.