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Sudar Garments intends to hit capital market through IPO
18
Jan '11
Despite the fact that the textile as well as the apparel sector is on the path of recovery and is slowly heading towards growth, Mumbai-based Sudar Garments intends to hit the capital market through an initial sale of shares during this fiscal year. It has got the approval from market regulator SEBI to raise Rs 65-70 crore through IPO.

The firm intends to raise about Rs 65-70 crore through the proposed IPO. It has already got the sanction from SEBI and is going to file the Red Herring Prospectus (RHP) shortly.

The IPO would amount to 49 percent of the fully diluted post-issue capital of the firm. The firm recommends offering 90.88 lakh equity shares of Rs 10 each to the public through 100 percent book building process.

In order to expand its manufacturing unit at Khopoli in the Raigad district of Maharashtra, the textile firm which manufactures apparels for men, women as well as kids is likely to use the proceeds from the sale of its shares.

Fibre2fashion News Desk - India

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