Globe Textiles Rights Issue will Open on 24th January 2025
Mumbai January 20, 2025: The Rights issue of Globe Textiles (India) Limited, a leading player in the textiles and apparel industry provides eligible shareholders with great opportunity to increase their equity ownership and involvement in the company.
The Rights Equity Shares are being offered to eligible equity shareholders at ₹ 3 per Rights Equity Share on a rights basis in the ratio of 1 (one) Rights Equity Share for every 2 (two) fully paid-up equity shares held. The Rights issue will remain open from 24th January 2025 to 6th February 2025, with the record date as 17th January 2025.
Globe Textiles aims to raise ₹4,504 lakhs through its Rights Issue to fund strategic investments focused on accelerating growth, strengthening working capital, and enhancing profitability.
For the six months ended 30th September 2024, the company reported Net Profit of ₹652 lakhs, which is a huge achievement, considering the Net Profit for 12M-FY2023-24 was ₹575 lakhs.
For the Quarter ended September 30, 2024, the company reported 102.20% increase in Net Profit to ₹380.76 lakhs as compared to ₹188.31 lakhs reported in the corresponding period of the last financial year. This strong performance highlights the effectiveness of the company’s strategic efforts to drive revenue growth, enhance profitability, and capture a larger market share.
The company is poised for growth in the upcoming year, focusing on key investments in infrastructure, research and development, product innovation, and market expansion to sustain its progress and enhance profitability. The Rights Issue offers investors great opportunity to increase their stake and be part of the Globe Textiles growth journey. This initiative underscores our commitment to delivering long-term value for all stakeholders while seizing opportunities for future growth.” said Mr. Bhavik Parikh, Chairman and Managing Director of Globe Textiles.
