January 12, 2022 (MLN): Image’s sales are projected to grow to Rs1.6 billion for the year ending June 30, 2022, from the actual level of over Rs1bn for the year ended June 30, 2021, on the back of the expansion of existing production capacity, the management of the company said in its progress report, issued on Wednesday.
The company issued rights to raise funds for expansion of existing production capacity through the installation of new Schiffli embroidery machines as well as Multi-head Embroidery machines to reduce reliance on outsourcing embroidery for manufacturing quality products and cost-saving, the opening of five new outlets in different cities and to meet the working capital requirements, the report added.
Thus, to increase the company's profitability, the right issue was given to enable the company to implement its capacity expansion plans and to make available the required liquidity for meeting its working capital requirements.
The un-subscribed right shares amounting to Rs 41,548,830/- were subscribed by the sponsors. Hence, the full amount of the right issue of Rs 639,891,015/- was received by the Company on 20th September 2021.
