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Iris Clothings Limited Announces Fundraising Initiative Following Board Meeting

Howrah, 24 July 2024 – Iris Clothings Limited, a leading name in the clothing industry, has announced a significant fundraising initiative following its Board of Directors meeting held on 24 July 2024. The company aims to raise up to Rs. 100 Crores through various equity-linked instruments and securities.

Key Outcomes of the Board Meeting

Approval of Fundraising Plan

The Board of Directors has approved the proposal to raise funds aggregating up to Rs. 100 Crores. The funds will be raised through the issuance of:

• Equity shares
• Convertible preference shares
• Bonds including foreign currency convertible bonds (FCCBs)
• Debentures
• Non-convertible debt instruments
• Warrants
• Convertible debentures

The fundraising may be executed through various modes including private placements, qualified institutional placements (QIP), further public issues, rights issues, or preferential allotments.

Compliance and Approvals

The fundraising will be conducted in compliance with Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other applicable regulations. The initiative is subject to necessary approvals from members of the company and other regulatory or statutory approvals as required.

Member Approval Through Postal Ballot

To proceed with the fundraising, Iris Clothings Limited will seek approval from its members through a postal ballot. Details regarding the process, timelines, and other requisite information will be communicated in due course.

Trading Window Closure

In accordance with SEBI (Prohibition of Insider Trading) Regulations and the company's Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the company's securities will remain closed for designated persons and their immediate relatives. The trading window will reopen 48 hours after the declaration of financial results for the quarter ended 30 June 2024.

Meeting Details

• Board Meeting Date: 24 July 2024
• Commencement Time: 10:00 A.M.
• Conclusion Time: 11:40 A.M.

The meeting underscored Iris Clothings Limited's commitment to strategic growth and financial strengthening.

About Iris Clothings Limited

Iris Clothings Limited, known for its brand "Doreme," is a prominent player in the clothing industry, offering a wide range of quality apparel. The company is headquartered in Howrah, West Bengal, and is listed on both the BSE and NSE.

For further information, please visit Iris Clothings Limited.

Contact Information

Santosh Ladha
Managing Director
Iris Clothings Limited
Phone: +91 33 2637 3856 / 2640 4674
Email: info@irisclothings.in

Registered Office:
103/24/1, Foreshore Road, Howrah 711102, India