Indian Terrain , a prominent player in the apparel and accessories segment, has reported its financial results for the first quarter, showing a reduction in net loss despite flat revenue. The company has also announced key corporate updates, including the scheduling of its Annual General Meeting (AGM) and appointments of auditors.

Financial Performance

For the quarter ended June 30, Indian Terrain reported:

• Revenue from operations remained relatively flat at ₹68.78 crore, compared to ₹68.36 crore in the same quarter of the previous year.
• Net loss narrowed to ₹6.19 crore, a significant improvement from the ₹15.27 crore loss in the same quarter last year.
• Total expenses decreased to ₹76.08 crore from ₹90.30 crore year-over-year, indicating improved cost management.

The company's financial results show the following key figures:

Corporate Updates

The Board of Directors, in their recent meeting, approved several important matters:

1. Annual General Meeting: The 16th AGM is scheduled for September 29, to be held virtually at 12 Noon IST.

2. Director Re-appointments:

   • Mrs. Rama Rajagopal will seek re-appointment as a Non-Executive Non-Independent Director.
   • Mrs. Nidhi Reddy is proposed for re-appointment as an Independent Director for a second five-year term.

3. Auditor Appointments:

   • M/s. BP & Associates has been proposed as Secretarial Auditors for a five-year term, subject to shareholder approval.
   • M/s. RVKS & Associates has been re-appointed as Internal Auditors for the current fiscal year.

4. Record Date: September 22 has been set as the record date for determining shareholder eligibility for AGM voting.

5. Share Capital Update: The company received the balance amount of ₹6.3 crore in April for the conversion of warrants into equity shares, which was completed on May 27.

Trading Approval

Indian Terrain has received trading approval from both the National Stock Exchange (NSE) and BSE Limited for 49,48,537 equity shares of ₹2 each, issued at ₹50.52 per share through preferential allotment. These shares will be available for trading from August 12.

The company continues to operate exclusively in the apparel and accessories segment, focusing on improving its financial performance and corporate governance practices.

Indian Terrain Fashions Limited (ITFL) has achieved a significant milestone in its capital raising efforts, securing listing approval from the National Stock Exchange (NSE) for 49,48,537 equity shares. This development marks a crucial step in the company's recent preferential allotment initiative.

Listing Approval Details

The NSE has granted listing approval for 49,48,537 equity shares of Indian Terrain Fashions, each with a face value of Rs. 2.00. These shares, priced at Rs. 50.52 per share, were issued through a preferential allotment to non-promoter entities and individuals. The newly approved shares carry distinctive numbers ranging from 45718831 to 50667367.

Preferential Allotment Background

The listing approval comes as a result of the conversion of warrants previously issued on a preferential basis. This move aligns with the company's strategy to strengthen its capital structure and potentially fund future growth initiatives.

Regulatory Compliance

Indian Terrain Fashions has diligently followed the regulatory process, having previously received in-principle approvals from both the NSE and the Bombay Stock Exchange (BSE). The company has also secured listing approval from the BSE, demonstrating its commitment to compliance with listing requirements across major Indian stock exchanges.

Trading Commencement

While the NSE has granted in-principle approval, the actual listing and commencement of trading for these shares are subject to a final confirmation. The exchange has stipulated that the shares will be listed and admitted to trading upon receiving confirmation from the depositories - National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) - regarding the credit of these shares to beneficiaries' accounts.

Company's Communication

Indian Terrain Fashions formally communicated the receipt of the listing approval in a letter addressed to both the BSE and NSE. Sainath Sundaram, the Company Secretary and Compliance Officer, signed the intimation, underlining the company's adherence to regulatory disclosure norms.

Conclusion

This listing approval represents a positive development for Indian Terrain Fashions Limited, potentially enhancing its market presence and liquidity. Investors and market participants will be keenly watching for the final confirmation from the depositories, which will pave the way for these newly approved shares to commence trading on the National Stock Exchange.