Alps Ind to raise Rs 500 cr via FCCBs

NEW DELHI: Alps Industries said on Monday that it would raise Rs 500 crore through the issue of Foreign Currency Convertible Bonds or other securities and come out with 1:1 bonus issue.

At its EGM, Alps Industries, which is a leading manufacturer of yarns, home furnishing, natural dyes and fashion accessories, also decided to set up a subsidiary to take up retail operations, the company said in a release here.

"In order to reinforce our market reach and to fully capture the emerging opportunities and reach the customers directly, we will set up a new subsidiary to take up the retail operations," the company's Managing Director Sandeep Aggarwal said.

The company may raise the amount through FCCBs, GDRs, ADRs, rights issue or other instruments, the company decided at its EGM.

Alps also gave nod to the issue of bonus shares in 1:1 ratio.

It also approved the increase in authorised share capital to Rs 45 crore from Rs 25 crore, the release said.

The company reported a 46 per cent growth in its income at Rs 263.03 crore in 2005-06 against Rs 179.56 crore in the previous fiscal.