January 15, 2025: Globe Textiles (India) Limited, a prominent force in the textiles and apparel industry, has announced its Rights Issue, offering eligible shareholders a valuable opportunity to enhance their engagement and equity ownership in the company.

The company seeks to raise upto ₹4,504 lakhs through the Rights Issue to support strategic investments aimed at long-term growth, including initiatives in R&D, product development, and market expansion. The proceeds from the Rights Issue will also be used to strengthen its working capital, thereby boosting growth.

Below are the key details:

Right issue price: ₹ 3 per Rights Equity Share
Record Date: January 17, 2025
Rights Issue Opening Date: January 24, 2025
Rights Issue Closing Date: February 6, 2025
Renunciation of Rights Entitlement Period: January 24, 2025 to January 31, 2025
Rights Issue Size: ₹ 4,504 Lakhs
The company reported Net Profit up by 102.20% to ₹ 380.76 lakhs in Sep-24 compared to ₹188.31 lakhs in Sep-23. The company also reported revenue up by 35.12%.

The company reported Net Profit up by 85.48% to ₹ 271.38 lakhs in June-24 compared to ₹ 146.31 lakhs in June-23. The company seeks to sustain this momentum through strategic initiatives focused on driving sustained growth and profitability.

The Rights Equity Shares are being offered to Eligible Equity Shareholders on a rights basis in the ratio of 1 (One) Rights Equity Shares for every 2 (Two) fully paid-up Equity Share held. It presents an exciting chance for investors to participate in the offering within the designated period, thus it gives investors the opportunity to purchase company shares at favourable price

The Company’s rights issue demonstrates the dedication towards the responsible growth and financial resilience. By offering existing shareholders a chance to increase their stake, we acknowledge their faith while securing vital funds for strategic expansion / acquisition of a Company which promotes sustainable growth and work environment friendly. This strategic initiative aligns with our commitment to creating long-term value for all stakeholders and capitalizing on growth opportunities said Mr. Bhavik Parikh, Chairman and Managing Director of Globe Textiles.