Pearl Global Industries Raises Rs 149.50 Crore QIP for Debt Repayment and Growth

Pearl Global Industries raised Rs 149.50 crore through a qualified institutional placement to repay certain debts and fund growth. Notable investors included HDFC, HSBC, ICICI Prudential, and Goldman Sachs. The funds will be used for working capital, debt repayment, and sustainable initiatives.

Apparel manufacturer and exporter Pearl Global Industries has successfully raised Rs 149.50 crore from qualified institutional investors, aiming to repay certain debts and pursue inorganic growth, among other objectives.

The qualified institutional placement (QIP) drew significant interest from notable investors including HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, and Goldman Sachs Fund, according to a statement by the company on Saturday.

The company noted that the QIP was completed by issuing 20,45,143 equity shares at a price of Rs 731.00 per share with a face value of Rs 5 each. This brings the total number of outstanding shares to 45,642,367.

The raised funds are intended for working capital requirements, repayment of certain outstanding borrowings, and initiatives for inorganic growth 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," stated Pearl Global Industries Ltd (PGIL) Managing Director Pallab Banerjee.

PGIL specializes in designing, manufacturing, sourcing, and exporting ready-to-wear apparel for men, women, and children through both domestic and international manufacturing facilities and supply chains. The company operates manufacturing facilities in India and four other countries.

As of Friday, PGIL shares closed at Rs 819.50 on the BSE.

(With inputs from agencies.)