Arvind, apparel and textile firm plans to increase its borrowing limit

Arvind Ltd, an Ahmedabad based apparel and textiles company would be seeking shareholders’ consent to increase its borrowing limit to fund expansion activities as well as for future business requirements. The company’s current borrowing limit is Rs 3,000 which it is considering to increase to Rs 5,000 crore.

The company will be putting up a special resolution at the forthcoming Annual General Meeting (AGM) of the members of the company to be held on July 30, 2014.

The company’s current borrowing limit is Rs 3,000 crore, which was approved in the AGM held on New Delhi.

In a filing to the BSE, the company said that keeping in view the company’s business requirements and growth plans; it is planning to increase the said borrowing limit from Rs 3,000 crore to Rs 5,000 crore.

Arvind is also seeking reappointments of its incumbent Chairman and Managing Director Sanjay S Lalbhai and company CFO J K Shah as directors.

Arvind Ltd had a total income of Rs 4,775.48 crore and net profit of Rs 361.39 crore in the fiscal ended March 31, 2014.

Started in 1930 as a textiles manufacturer, Arvind manufactures for leading brands, including Arrow, Flying Machine, USPA, New Port and Mega Mart. The company now has interests in advanced materials, chemicals & dyes, retail, engineering, real estate, sustainable agriculture and telecom