Globe Textiles Rights Issue to Open on 24 th January 2025

The Rights issue of Globe Textiles (India) Limited, a leading player in the textiles and apparel industry provides eligible shareholders with a 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 24 th January 2025 to 6 th February 2025, with the record date as 17 th January 2025.    

Below are the key details:

• Closing price: ₹ 4.36 closing price on 17 th January 2025
• Right issue price: ₹ 3 per share
• Right Entitlement: 1 share for every 2 shares held
• 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

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 30 th 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 a 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.