BackIndus Fila to raise $50 million to fund overseas acquisition
Indus Fila to raise $50 million to fund overseas acquisition
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Reuters
Mumbai: Apparel maker Indus Fila Ltd plans to raise $50 million to fund an overseas acquisition and a planned expansion, a top official said on Monday.
The company is in talks with an overseas textile firm and hopes to close the deal in the next quarter, Nitin Mandhana, managing director, told Reuters over telephone.
The target would have an enterprise value of $25-50 million, Mandhana said, declining to disclose other details.
The company, which raised Rs823.4 million through an initial public offer last year to fund an expansion, plans to spend Rs1.5 billion to raise capacity to 160,000 metres a day from 60,000 metres, he said.
“It is a blanket resolution. We will raise it as when required, to ensure a judicious mix of debt and equity for our projects."
Indus Fila shares were down 2.1% at Rs340.10 in the Mumbai market.
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