NSE-listed home decor company Priti International's board approves equity shares issuance
Priti International Limited's board of directors has approved the issuance of 30,11,000 convertible warrants as equity shares with a face value of Rs 10 each. Each warrant was convertible to one equity share at any given point in time during the period of 18 months. A total of 88 entities have been awarded preferential equity shares.
The Jodhpur-based company raised Rs 30 crore through this preferential issue.
Commenting on this development, Hritesh Lohiya, CEO of Priti International Limited, said, "We have strong fundamentals with a sound balance sheet, where we always try to create and add more value to our customers and shareholders. It is highly delightful that some of the bigshots of Dalal Street have shown their keen interest in our preferential issue and subscribed to it. We have delivered decent appreciation for the investor's capital and aim to continue to do so in the future as well. Profitability in our books is our key priority."
The issue has been subscribed by several investors including Shankar Sharma, Porinju Veliyath's Equity Intelligence Fund, Emerging Opportunities, Ashish Chugh, and Occulus Capital Growth Fund.
Started in 2005, Priti International is a home decor company. It currently offers 250 SKUs (stock-keeping units), of which coffee tables, dining tables, and side tables make up about 60 percent of its revenues. Other categories include tables, chairs, beds, wardrobes, lamps, etc.
The company got listed on National Stock Exchange's SME platform in 2018, and migrated to the main board in 2022. The company clocked revenue of Rs 38.8 crore in FY21, which it grew to Rs 60 crore in FY22.
The board of directors meeting is slated to be scheduled on June 22, 2022 to consider and approve the fundraising plans through the issue of shares or warrants on a preferential basis. Additionally, the company will hold its Extraordinary General Meeting (EGM) on July 20, 2022.