Globe Textiles (India), a leading garment manufacturer, will raise ₹45 crore through an rights issue which will close for subscription on March 15.

Proceeds from the issue will be partly utilised for fuelling forward integration via acquisitions which will translate to growth of over 30 per cent in consolidated revenue to ₹520 crore in the next 3 years.

Bhavin Parikh, Chief Executive Officer, Globe Textiles, said the forward integration plans will enhance asset base, margins and topline, besides introduce innovative sustainable fashion garments and practices which are sought after by customers in India, Europe and the US.

This development will enhance the estimated topline by ₹120 crore to about ₹520 crore and improve margin by 2027-28, he said. Globe Textiles has proposed to acquire Globe Denwash for undisclosed amount.

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