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Pearl Global Successfully Raises Rs 149.5 Crore Through QIP

• By  Textile Excellence
• July 19, 2024

Stock exchange listed leading apparel maker and exporter Pearl Global Industries Limited (PGIL) (BSE: 532808; NSE: PGIL), has successfully completed its QIP (Qualified Institutions Placement) by raising approx. Rs. 149.50 crores. The QIP has attracted notable investors, including HDFC Mutual Fund, Bandhan Mutual Fund, HSBC Mutual Fund, ICICI Prudential Mutual Fund, Goldman Sachs Fund, Tata Mutual Fund and Franklin India Mutual Fund.

The QIP was of 2,045,143 equity shares of face value Rs. 5 each and valued Rs 731 per share. Post allotment, PGIL’s fully diluted total shares outstanding stands at 45,642,367.

The company currently operates 15 in-house manufacturing facilities and 9 partnership manufacturing facilities in India and across 4 countries outside India namely Bangladesh, Vietnam, Indonesia and Guatemala. PGIL designs, manufacture, source and distribute wide range of ready to wear apparel for men, women and kids through its domestic and global supply chains.

Pearl Global has capacity to manufacture around 82 million apparels per year and revenue structure is primarily dependent on export, with a major contribution comes from export to the United States. It plans to use these funds for funding working capital requirements, repayment of certain outstanding borrowings, inorganic growth initiatives and general corporate purposes.

After completion of the QIP, Pulkit Seth, Vice-Chairman and Non-Executive Director of PGIL said, “We are pleased to inform that our QIP has been successfully implemented. As we move ahead, we are vigilant in monitoring our progress and sustaining our momentum with a keen focus on sustainability in all our current and future projects. Together, we will uphold our commitment to excellence, ESG principles and achieve exceptional outcomes.”Bottom of Form

Pallab Banerjee, Managing Director, PGIL, expressed happiness of the completion of the QIP and said, "We are thrilled by the overwhelming response to the issue and deeply value the confidence our investors have placed on us. 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. This approach will ensure sustained growth and success in a competitive market landscape”.

We are thrilled by the overwhelming response to the issue and deeply value the confidence our investors have placed on us. 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. This approach will ensure sustained growth and success in a competitive market landscape”