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Pearl Global Industries to boost operations with $17.87 mn QIP

22 Jul '24

2 min read

Pearl Global Industries to boost operations with Rs. 149.50 Crore QIP

Pic: Pearl Global

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Pearl Global Industries Limited raised ₹149.50 cr (~$17.87 million) through a Qualified Institutions Placement, attracting notable investors like HDFC, HSBC, and Goldman Sachs.
Funds will support working capital, debt repayment, growth initiatives, and corporate purposes.
Leadership emphasized commitment to sustainability, ESG principles, and operational excellence.

Pearl Global Industries Limited (PGIL) (BSE: 532808) (NSE: PGIL), primarily engaged in designing, manufacturing, sourcing, distribution and export of ready to wear apparel for men, women and kids through its domestic and global manufacturing facilities and supply chains, announces successful completion of its QIP by raising ~Rs. 149.50 crores (~$17.87 million). The Qualified Institutions Placement (QIP) attracted notable investors, including HDFC Mutual Fund, Bandhan Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs Fund, Tata Mutual Fund and Franklin India Mutual Fund.

Company plans to use these funds for funding working capital requirements, repayment of certain outstanding borrowings, inorganic growth initiatives and general corporate purposes.

Issue Details:

-Size of QIP: ~Rs. 149.5 Crores / 2,045,143 equity shares of face value Rs. 5 each

-Price per share: Rs. 731.00 (~$8.74) per equity share

-Total shares outstanding (fully diluted) post allotment: 45,642,367

Announcing the completion of the issue, Mr. Pulkit Seth, Vice-Chairman & Non-Executive Director, said, “We are pleased to inform that our Qualified Institutions Placement (QIP) has been successfully implemented. This accomplishment highlights our shared dedication to improving our operations and services. As we move ahead, we are vigilant in monitoring our progress and sustaining our momentum with a keen focus on sustainability in all our current and future projects. Together, we will uphold our commitment to excellence, ESG principles and achieve exceptional outcomes.”

Mr Pallab Banerjee, Managing Director, PGIL, said, " We are thrilled by the overwhelming response to the issue and deeply value the confidence our investors have placed in us. By strategically allocating these funds, we aim to strengthen our market presence, innovate our product offerings, streamline our ESG initiatives, and invest more in sustainable products and business operations. This approach will ensure sustained growth and success in a competitive market landscape.”