Pearl Global Industries raises Rs 149.5 cr through QIP issue

Pearl Global said it issued 20,45,143 equity shares of the face value of Rs 5 each at a price of Rs 731.00 per equity share.

Apparel manufacturer and exporter Pearl Global Industries has raised Rs 149.50 crore from qualified institutional investors for repayment of certain debt and inorganic growth, among others.

The qualified institutional placement (QIP) attracted notable investors such HDFC Mutual Fund, HSBC Mutual Fund, ICICI as Prudential Mutual Fund and Goldman Sachs Fund," it said in a statement on Saturday.

The company has "successfully completed the QIP by raising Rs 149.50 crore, it said.

Pearl Global said it issued 20,45,143 equity shares of the face value of Rs 5 each at a price of Rs 731.00 per equity share.

"Total shares outstanding post allotment are 45,642,367," the company said.

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

"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," Pearl Global Industries Ltd (PGIL) Managing Director Pallab Banerjee said.

PGIL is 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.

The company has manufacturing facilities in India and four other countries.

PGIL shares closed at Rs 819.50 on BSE on Friday.