Mandhana to raise around Rs 300 cr funding

The Board of Directors of Mandhana Industries, at its recent meeting, has approved resolution for raising of funds by way of Qualified Institutions

Placement (QIP), External Commercial Borrowings (ECBS) with Rights of Conversion into Shares, Foreign Currency Convertible Bonds (FCCBS), American Depository Receipts (ADRS), Global Depository Receipts (GDRS), Follow-On Public Offer (FPO), Composite Issue for an aggregate amount not exceeding Rs 300 crores subject to approval of shareholders. The Board also approved the appointment of Sangeeta Mandhana as additional Director with immediate effect.

Net profit of Mandhana Industries increased 69.95 percent to Rs 16.06 crores in the quarter ended June 2014 as against Rs 9.45 crore during the previous quarter ended June 2013. Sales rose 9.62 percent to Rs 316.33 crores in the quarter against Rs 288.57 crores during the previous quarter ended June 2013.

Mandhana Industries also handles manufacturing, designing and retailing of the Being Human brand in India and abroad. Being Human clothing range is a rage among its patrons. Especially, the T-shirt collection is popular not only because it is endorsed by the Bollywood superstar Salman Khan, but also because of the designs, styles and innovations brand introduces.