Khadim India to raise Rs 15 crore through convertible warrants

Khadim India, India’s second largest retail footwear brand plans to raise Rs 15 crore ($1.8 million) through convertible warrants.

The company’s board has given its nod for the fund raise that will be done by way of a preferential issue of fully convertible equity share warrants on private placement basis to one of the promoters and few other identified non-promoter entities.

The funds raised will be utilised to fuel the brand’s national expansion coupled with revamping of existing stores.

Commenting on the fundraising, Indrajit Chaudhuri, chief financial officer of Khadim India in a statement said, “The company has been at the forefront of meeting the rising demand for superior quality of fashion footwear at an affordable price point. The preferential issue enables the stakeholders to participate in the growth trajectory of Khadim.”

Khadim retails its own brand value footwear and runs the brands Cleo, British Walkers, Lazard, Turk, Sharon, Bonito, and Pro. Beginning its journey in the 1960s in Kolkata, Khadim India became listed on India’s stock exchanges in 2017.