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SKNL completes QIP issue, raises US$ 50 mn
20
Sep '10
S. Kumars Nationwide Limited (SKNL), a leading Indian textile and apparel manufacturing company, announced that the company has raised US$ 50mn (Rs 235 crores) by issuing fresh shares to Qualified Institutional Buyers (QIBs). The company received an order book of approximately 2.5 times the base issue size of $ 25 million and opted to exercise the overallotment option of $ 25 million.

The issue was widely subscribed including investors from the United States, Europe and Asia (including India). The equity shares were issued at a price of Rs. 80 per share,

J. P. Morgan India Private Limited, Edelweiss Capital Limited. and Antique Capital Markets Private Limited were the bookrunning lead managers to the issue.

Mr Nitin Kasliwal, Managing Director and Vice Chairman of SKNL said, “This fund raising initiative is in alignment with our stated vision of Clothiers to the nation, the world tomorrow and enhancing the value proposition of our businesses. The funds raised will be utilized for the growth plans of the company. We are a global leader in fabrics to fashion and look to consolidate our leadership position by adding more capacities in India and pursue international growth opportunities.”

S. Kumars Nationwide Ltd. (SKNL) is one of India's leading textiles and apparel manufacturing company with expertise in multi-fiber manufacturing. The company has extended its presence in multiple product categories from fabrics to apparels and home textiles. The Company has recently extended its presence overseas to the European and North American markets expanding its brand portfolio of 45 leading brands catering to various price points, socio economic segments and age groups globally.

S Kumars Nationwide Limited (SKNL)

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