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Singer India to raise Rs 568.28 mln through Preferential Issue

The funds from the issue, if approved, will enable the Company to strengthen its brand and distribution channels, fulfil its additional working capital requirements for expansion of its businesses and enable investments in product design upgradation and system technology upgradation among others.

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Mumbai: Singer India Ltd (SIL) said its Board of Directors in its meeting held on Saturday approved the preferential allotment issue of 7.48 million equity shares of face value Rs 2 each aggregating to Rs 568.28 million to various investors at a price of Rs 76 per equity share. The Preferential Issue is subject to various approvals including from the Company’s shareholders.

The funds from the issue, if approved, will enable the Company to strengthen its brand and distribution channels, fulfil its additional working capital requirements for expansion of its businesses and enable investments in product design upgradation and system technology upgradation among others.

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Speaking on the occasion, Mr Rajeev Bajaj, MD of the Company said “We are extremely happy to welcome our new set of investors in the Company. I take this opportunity to also express gratitude to our existing investors for the confidence and support they have shown over the years. The development will go a long way in strengthening Singer brand presence as an international brand in India and provide impetus for future growth.”

DAM Capital Advisors Limited acted as the exclusive financial advisor for the company. DAM Capital Advisors Limited is an integrated – full services Investment Bank including an Institutional Equities platform, and Mergers & Acquisition Advisory practice. DAM Capital is led by veteran Investment Banker Mr. Dharmesh Mehta, who has more than 33 years’ experience in the capital markets.

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