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Khadim India to Raise Funds Through Convertible Warrants

Khadim India, the home grown second largest retail footwear brand, will raise funds of about Rs 15.00 crore through convertible warrants.

The Board of Directors of the Company has approved raising of funds by way of a preferential issue of Fully Convertible Equity Share Warrants on private placement basis to one of the Promoters and few other identified Non-Promoter entities.

The Company would issue 4,08,768 (Four Lakh Eight Thousand Seven Hundred Sixty Eight) fully convertible equity share warrants of Rs. 10/- each which will be converted into Equity Shares of Rs. 10/- each.

The Company shall utilise the fund largely towards the nationwide retail expansion and revamping of existing stores which would reinforce its market position.

The Warrants will be issued at a price of Rs 365 including a premium of Rs 355 per Equity share aggregating upto Rs 14,92,00,320 (Rupees Fourteen Crore Ninety Two Lakh Three Hundred Twenty Only). The Warrants shall be converted into Equity Shares, not later than 18 months from the date of its allotment.

Speaking on the same, Indrajit Chaudhuri, CFO of Khadim India, said, “The Company has been at the forefront of meeting the rising demand for superior quality of fashion footwear at an affordable price point. The preferential issue enables the stakeholders to participate in the growth trajectory of Khadim.”

Khadim India Ltd., started its journey in 1960s from small shoe store in Chitpur, Kolkata. Headquartered in Kolkata, Khadim India Ltd. is engaged in the retail and distribution of footwear and accessories.

Source: News Riveting