Kitex Garments board approves plan to raise ₹3,000cr via QIP
Business
Kitex Garments, known for making children's clothes worldwide, just announced plans to raise up to ₹3,000 crore through a qualified institutional placement (QIP).
The board has given the green light, but the final details, like the price or prices, will be determined by the board or a duly constituted committee.
The fundraising could happen all at once or in stages.
Kitex plans ₹1,000cr Telangana investment
Alongside the QIP news, Kitex also revealed plans to invest ₹1,000 crore in Telangana.
This shift comes as the company alleges harassment by officials in Kerala.
Despite these hurdles (and a 3.14% dip in share price after the announcement), Kitex is one of the world's largest manufacturers of clothing for newborns and children.