Socks maker Filatex Fashions, which has a manufacturing unit in Hyderabad, plans to raise up to $100 million through Foreign Currency Convertible Bonds (FCCBs).
The board has approved raising of funds through issue of FCCBs not exceeding $ 100 million on private placement basis. Expansion of the existing business, through a combination of capacity enhancement and modernisation, as well foray into production of other garments and allied products were also approved, the company said in a release on Wednesday.
Filatex said it counts among its customers various companies and brands, including the VIP Group, Fila India, Adidas, Park Avenue, Tommy Hilfiger and licence holders like Walt Disney and Warner Brothers. It is a major supplier to e-commerce firms like Amazon and Flipkart and also has its own brands – Tuscany and Smartman.
The company said it is looking for both organic and inorganic growth opportunities, particularly in other developing countries, including those in the Indian subcontinent and Africa. Mauritius-based Eriska Investments Fund had acquired 7 lakh equity shares of the company last month through bulk deals.
