New Delhi Arvind Fashion (AFL) said on Tuesday that its subsidiary Arvind Lifestyle Brands received Rs 260 crore from Flipkart India for taking a minority stake in another group firm. Arvind Youth Brands is a recently formed subsidiary of Arvind Fashion, which owns the Flying Machine brand.
AFL told the stock market that its subsidiary Arvind Lifestyle Brands Limited received Rs 260 crore from Flipkart for taking a minority stake in Arvind Youth Brands. The AFL said that Flipkart Group and Arvind Fashions have strengthened their partnership through this investment.
Arvind Fashions said the flying machine has been retailing on the Flipkart and Myntra forums for more than six years. The company said that through this investment, the Flipkart Group and Arvind Fashions will be able to work together to develop new products.
HDFC Life's Committee on Capital Raising 23 on July
The committee on raising capital of HDFC Life Insurance Company will consider raising funds up to Rs 600 crore by issuing letter of credit on Thursday. The company told the stock market that a meeting of the Board of Directors' Capital Raising Committee (CRC) will be held on July 23 to approve the said lending scheme.
HDFC Life Insurance Company said that the funds would be raised in one or more installments on a private placement basis and regulatory and other approvals are to be taken for this. This plan to raise funds was given in-principle approval by the company's board in April this year.
This post was published on July 21, 2020 1:53 pm
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