Home / Knowledge / News / Apparel/Garments / Monte Carlo Fashions to raise Rs 350 crore via IPO
Monte Carlo Fashions to raise Rs 350 crore via IPO
Nov '14
Monte Carlo Fashions Ltd, a marketer and retailer of woollen and cotton apparels is coming out with an IPO to raise around Rs 350 crore through a book building process.

The promoters led by Jawahar Lal Oswal of Oswal Woollen Mills and private equity investor, Samara Capital are together offering 5.43 million equity shares of face value of Rs 10 each for cash at a price band of Rs 630 to Rs 645 per share.

As per the red herring prospectus, bids can be made for a minimum of 23 equity shares and in multiples of 23 shares thereafter. It said the company may also consider participation from an anchor investor.

The promoters are diluting 17.42 per cent of their holding, while Samara Capital is selling 7.58 per cent of its stake.

Post the IPO issue, Samara Capital’s stake will come down to 10.93 per cent from 18.51 per cent.

Monte Carlo Fashions chairman, Jawahar Lal Oswal said that it would now focus to expand in the southern and western zones of India.

On sales of Rs 519 crore, Monte Carlo reported net profit of Rs 55 crore for the financial year ending March 31, 2014.

The issue opens on December 3 and closes on December 5, 2014. (AR)

Fibre2fashion News Desk - India

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