Debt-ridden denim and garment maker Arvind Mills Ltd has sold its properties in the cities of New Delhi, Bombay and Ahmedabad for about 1 billion rupees as part of a restructuring agreement with its lenders, reports the Economic Times.

The newspaper said the lenders had asked Arvind Mills to raise Rs2.75 billion to implement its debt restructuring plan.

The company has decided to raise Rs1 billion by issuing new debt, Rs1 billion by selling non-core assets, and Rs750 million by offering a rights issue to meet the lenders' requirements, according to the report.

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