Textile penny stock below Rs 5 rights issue oversubscribed by 124 per cent, raising Rs 45.04 crore for strategic growth
Strong investor confidence fuels the company's ambitious expansion plans, with the Rs 45.04 crore rights issue seeing overwhelming demand.
Globe Textiles (India) Ltd., a leading player in the textile industry, has successfully concluded its rights issue with an overwhelming response from investors. The issue, priced at Rs 3 per share, saw a 124 per cent subscription, underscoring strong market confidence in the company’s growth prospects.
Investor Confidence in Future Growth
The rights issue, aimed at raising Rs 45.04 crore, was launched to fuel strategic business initiatives, including expansion, research & development, and strengthening working capital. The oversubscription highlights investor trust in Globe Textiles’ long-term vision, operational efficiency, and commitment to sustainable innovation.
With a well-established presence in domestic and international markets, the company plans to utilise the funds to enhance its product portfolio further, adopt cutting-edge technology, and expand its global reach.
Management Comments
Expressing gratitude for the strong investor response, Bhavik Parikh, Chairman and Managing Director of Globe Textiles, said: "The success of this rights issue is a testament to the trust and confidence our stakeholders place in us. We deeply appreciate the unwavering support of our investors. This capital infusion will enable us to pursue new growth opportunities while continuing to create long-term value for all stakeholders."
About Globe Textiles (India) Ltd
Founded in 1995, Globe Textiles (India) Ltd. has established itself as a key player in textile manufacturing, sourcing, and trading. The company specializes in various man-made and natural fibre yarns, fabrics, home textiles, furnishings, and readymade garments. With a strong focus on quality, sustainability, and customer satisfaction, Globe Textiles has strengthened its position in both domestic and international markets.
Stock Performance
Following the successful rights issue, shares of Globe Textiles showed positive movement. The stock closed at Rs 4.05.
Disclaimer: The article is for informational purposes only and not investment advice.