LONDON (Alliance News) - Koovs PLC on Wednesday said it will raise GBP20 million and a potential further GBP10 million through the issue of a total of 120 million shares at 25 pence each.
Shares in Koovs were trading up 7.4% at 29.00 pence on Wednesday morning, following the announcement, having spiked to 32.00p at the open.
The Indian online fashion retailer said the net proceeds will be used to fund its strategic plan, primarily invested in marketing, and to increase its holding in Koovs Marketing Consulting Private Ltd through the acquisition of shares in Koovs India.
Koovs said it has received firm indications of interest in GBP20 million worth of shares.
"This fundraising is a part of our planned growth, and will allow us to continue to build our brand, develop our customer offer, and deliver our strategy to become India's number one western fashion destination by 2020," Chief Executive Mary Turner said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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