Bombay Rayon to allot 18 mn shares to a Netherlands-based co

Bombay Rayons Fashion’s board of directors, in a meeting held on March 24, cleared the proposal to issue 18 million equity shares on a preferential basis to AAA United BV, a Netherlands-based company.

The company will issue the shares of the face value of Rs 10 each at a premium of Rs 175, garnering Rs 333 crore.

The funds raised would be used to ramp up Bombay Rayon’s working capital needs, finance / acquisition of new projects and businesses and other corporate purposes.