Its Board has also been reconstituted and the current managing director Steve Davies has been replaced with Marcello Villagran Bravo from Bata Chile.
Davis will move to a senior position with the Bata Shoe Organisation. N Sankar, chairman of Sanmar Group and Amit Mitra, secretary general of FICCI have also been inducted on the company's board.
Addressing shareholders at the extraordinary general meeting on Wednesday, BIL chairman P M Sinha said the proceeds of the rights issue would be used for modernisation of stores, improvement in the manufacturing facilities, new design development, retiring high cost debts and new marketing initiatives.
The issue would be offered in the ratio of 4:1 within the price band of Rs 45 to Rs 54 and the existing shareholders would get a discount of 35-40 per cent from the market price.
The company would also offer voluntary retirement scheme to bring down workforce to optimum level of 2800.
