Bengaluru-based apparel manufacturer Gokaldas Exports Ltd. initiated its qualified institutional placement (QIP) on Thursday, aiming to raise Rs 600 crore. The issue price has been set at Rs 775 per share, representing a 4.05% discount to the last closing price, with a floor price at Rs 789.99.
The company stated that it intends to utilize the proceeds for loan repayment and to fund inorganic growth opportunities. The QIP is expected to result in a dilution of up to 12.2% of the pre-issue outstanding equity share capital.
Furthermore, Gokaldas Exports released its consolidated financial results for the nine-month period ending December 31, 2023. It reported an 8% decline in revenue year-on-year, totaling Rs 1,566 crore, along with a 46% drop in net profit to Rs 86 crore.
Gokaldas Exports specializes in the design, manufacture, and sale of a diverse range of garments for men, women, and children. Additionally, it exports apparels to fashion brands and retailers across continents.
Stocks performance in last one year
In terms of stock performance, Gokaldas Exports shares have displayed positive returns across various time frames. Over the past month, the stock has achieved a commendable 10.76% return, highlighting its stability and growth potential. However, the last six months witnessed some selling pressure, resulting in a 16% decline.
Despite this, year-to-date, Gokaldas Exports shares have surged by 1%, indicating positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 124% in the last twelve months, underscoring its sustained growth and attractiveness to investors.