Fashion garments maker Provogue India on Friday said it will raise about Rs 477 crore through issue of shares and convertible warrants for its future activities including expansion plans.The firm would be raising these funds for expansion in its retail infrastructure subsidiary, expansion of current retail network, setting up of new retail formats, bringing international brands into India, and for general corporate purposes including acquisitions.
Provogue would issue 28.5 lakh equity shares worth about Rs 314 crore on preferential basis, it said in a filing to the Bombay Stock Exchange.Altima Partners, T Rowe Price, Genesis, New Vernon, Liberty International, Acacia Partners, Dharmayug Investment and CNBC have participated in the preferential offer, which would be locked in for one year from the date of allotment, the filing added.
Further, Provogue would issue 14.84 lakh convertible warrants worth Rs 163.24 crore to Everest Plaza Pvt Ltd, and Fairprice Traders (India) Pvt Ltd.Both shares and convertible warrants would be allotted at a price of Rs 1,100 each.
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