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Cantabil IPO to raise Rs 1.05 bn
12
May '10
Delhi-based garment manufacturer and retail chain store, Cantabil, announced that it had received Securities and Exchange Board of India's (SEBI's) approval to float its initial public offering (IPO).

The public issue is likely to hit the market within the coming two months and the company is expecting to raise Rs 1.05 bn from the process. The income generated thereafter will be utilised for funding the company's expansion plans, informed officials from Cantabil Retail.

Last year during September 2009, the company had lodged the draft red herring prospectus with SEBI. In a statement released currently, it was also mentioned that, the funds raised via the IPO will help in establishing a new manufacturing unit at Bahadurgarh in Haryana, repay parts of debt and help in retail expansion.

Currently, Cantabil has more than 380 exclusive outlets across the nation under its two brands, Cantabil and La Fanso. These outlets offer an array of garments such as formal clothing, party-wear, ultra-casual and casual apparels for all segments.

The company also operates three in-house production units and four warehouses located in New Delhi and is promoted by Vijay and Deepak Bansal.

Fibre2Fashion News Desk - India

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