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
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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 Bhavik Parikh, Chairman and Managing Director of Globe Textiles.

About Globe Textiles (India) Ltd:

Since 1995, Globe Textiles (India) Ltd. has emerged as a pioneer in the sourcing, manufacturing, and trading of a diverse array of textile and apparel products, seamlessly integrating every stage of production, from fibre to fashion. The company’s operational expertise originates from deploying qualified human and material resources to deliver innovative and tailor-made products and services. Globe's product portfolio consists of man-made and natural fibre yarns, fabrics, accessories, home textiles and furnishing and readymade garments. Anchored by a steadfast commitment to quality, sustainability, and customer satisfaction, Globe Textiles continues to strengthen its presence across domestic and international markets. This dedication not only enhances the company’s global competitiveness but also solidifies its standing as a reliable and forward-thinking partner in the textile and apparel industry.