Shekhawati Poly-Yarn is foraying into the capital market with its initial public offer of 12 million equity shares, today. The firm intends to raise Rs 360 million by means of IPO at the set price of Rs 30 per share.
This issue is likely to represent 54.54 percent of the totally diluted post issue capital to be raised by the firm through the sale of its common shares.
The firm is currently involved in producing both texturized as well as twisted yarn. It intends to start the production of knitted fabric from texturized yarn.
It has also stated that the revenue generated from the sale of shares would be utilized for purchasing 30 new twisting machines as well as for setting up 30 knitting machines, purchasing a corporate office at a projected cost of Rs 32.5 million and also for fulfilling the working capital requirements of the company.
This expansion is likely to increase the capacity for twisting yarn with a potential of 4,620 MTPA, yarn knitting with a capacity of 1,980 MTPA and 20 machines for texturing yarn with a potential of 27,400 MTPA.
This expansion is likely to increase the capacity for twisting yarn to 4,620 MTPA, yarn knitting to 1,980 MTPA and by adding 20 texturing machines; production of the same would rise to 27,400 MTPA.
Fibre2fashion News Desk - India
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