Socks maker Filatex Fashions to take FCCB route for funds, mulls enlargement

Socks maker Filatex Fashions, which has a producing unit in Hyderabad, plans to boost as much as $100 million by International Forex Convertible Bonds (FCCBs).

The board has accepted elevating of funds by difficulty of FCCBs not exceeding $ 100 million on non-public placement foundation. Growth of the present enterprise, by a mixture of capability enhancement and modernisation, as nicely foray into manufacturing of different clothes and allied merchandise had been additionally accepted, the corporate mentioned in a launch on Wednesday.

Filatex mentioned it counts amongst its clients numerous firms and types, together with the VIP Group, Fila India, Adidas, Park Avenue, Tommy Hilfiger and licence holders like Walt Disney and Warner Brothers. It’s a main provider to e-commerce corporations like Amazon and Flipkart and likewise has its personal manufacturers – Tuscany and Smartman.

The corporate mentioned it’s searching for each natural and inorganic development alternatives, significantly in different creating nations, together with these within the Indian subcontinent and Africa. Mauritius-based Eriska Investments Fund had acquired 7 lakh fairness shares of the corporate final month by bulk offers.

By- The Hindu

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