IRIS Clothings Announces Successful Closure of Rights Issue

VMPL

Howrah (West Bengal) [India], April 22: Iris Clothings Limited (NSE: IRISDOREME), a readymade garment company engaged in designing, manufacturing, branding, and selling garments for kids wear, is pleased to announce the successful completion of its recent rights issue, which has garnered significant interest from valued shareholders. The total issue size was 1.36 crores shares, amounting to Rs. 47.5 crores which was oversubscribed by 1.5 times demonstrating strong confidence in company's growth potential.

The funds raised through this rights issue will be primarily utilized for financing working capital requirements. This strategic move is aimed at enhancing company's operational efficiency and driving faster business growth. With these resources, we are committed to expanding capabilities and seizing new opportunities in the market.

Commenting on this development Santosh Ladha, Managing Director of the Company said: "We are excited by the overwhelming response to our rights issue, which demonstrates the dedicated confidence our shareholders have in the company. This oversubscription highlights our strong business model and the promising growth opportunities that lie ahead. The capital raised will strengthen our working capital, enabling us to accelerate our growth trajectory and provide even greater value to our stakeholders. Iris Clothings is committed to elevate the DOREME brand and propel the company to the next level of growth. We would like to extend our heartfelt gratitude to our shareholders for their overwhelming support and trust in our vision."

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