The Khadim India footwear retail brand is set to secure approximately INR 15 crore through a preferential issue of fully convertible Equity Share warrants on a private placement basis. This issuance will be directed towards one of the promoters and several other specified non-promoter entities, following approval by the company’s board of directors.
The company is set to issue 408,768 (Four Lakh Eight Thousand Seven Hundred Sixty-Eight) fully convertible equity share warrants with a face value of INR 10 each. These warrants will subsequently be converted into Equity Shares with a face value of INR 10 each.
The funds will primarily be employed for nationwide retail expansion and the refurbishment of existing stores, strengthening the company’s market position.
The warrants will be offered at a rate of INR 365, inclusive of a premium of INR 355 per equity share, totaling up to INR 14,92,00,320 (Rupees fourteen crore ninety-two lakh three hundred twenty only). The conversion of these warrants into Equity Shares is to be completed within 18 months from the date of allotment.
Speaking on this fund raise, Indrajit Chaudhuri, CFO of Khadim India, said, “The company has been at the forefront of meeting the rising demand for the superior quality of fashion footwear at an affordable price point. The preferential issue enables the stakeholders to participate in the growth trajectory of Khadim.”
