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Mukesh Udyog files IPO to fund expansion
01
Apr '11
Mukesh Udyog, a yarn producer has filed a draft red herring prospectus with the Securities & Exchange Board of India (SEBI) for launching a public issue of 7.5 million shares of Rs 10 each.

This issue is being filed through a 100% book building process.

Mukesh Udyog has a current installed capacity of 30,000 spindles and manufactures various types of yarn like, cotton, polyester/cotton and acrylic.

Mukesh plans to utilise the proceeds to expand capacity by 13,200 spindles to 43,200 spindles at an estimated cost of 328.8 million and for working capital requirements.

Mukesh Udyog has reported a net profit of Rs 34.2 million on a turnover of Rs 669.2 million for six months ended September 30, 2010.

Fibre2fashion News Desk - India

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