LONDON (Alliance News) - Koovs PLC on Thursday closed a round of capital raising, which opened on April 29, and said the total amount raised during this round was GBP26.2 million.
Koovs, which operates a wholesale business supplying branded fashion products, said the GBP26.2 million comprises of GBP23.2 million from a range of new and existing investors, and a GBP3.0 million strategic investment by HT Media Ltd, announced earlier this month.
As part of this, Koovs said it raised GBP1.0 million through issuing 4.0 million shares at 25.00 pence per share to an existing institutional investor on Thursday, in the third and final tranche of shares to be issued as part of the capital raising round.
Shares in Koovs were up 3.0% at 55.60 pence on Thursday.
All funds will be used for investment in marketing, Koovs said.
"We are delighted with the successful closing of this financing round, having secured strong support from international institutional investors and one of India's largest and most well-respected media groups. The funds raised provide a strong financial platform from which to deliver our growth plans as we continue to focus on building the Koovs business to become India's number one western fashion destination by 2020," said Chief Executive Mary Turner.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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