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Hosiery products marketer Maxwell to float IPO
30 Dec '05
1 min read
Hosiery products marketer Maxwell Industries Ltd informed that the company is going to raise Rs.2.75 billion ($60.87 million) through a public issue in domestic and/or international markets to finance expansion plans.
Maxwell is the flagship company of the VIP group, manufacturers of VIP brand undergarments, 'Live-In' jeans, 'Lovable' lingerie and a range of similar products.
"These resources will allow the company to pursue its expansion plans which include doubling the present capacity of vertically integrated operations from spinning mill, processing mill, garmenting and marketing with distribution and retail models", said Maxwell's Managing Director L J Reddy said.
Maxwell's Board of Directors approved the issue of bonus shares in the proportion of 3 bonus equity shares for every 4 existing equity shares of the company.
The bonus shares will increase the capital of the company from Rs.61.6 million to Rs.107.8 million.
Maxwell is a marketer of readymade garments under marketer the brand name of VIP Underwear.
Maxwell is the flagship company of the VIP group, manufacturers of VIP brand undergarments, 'Live-In' jeans, 'Lovable' lingerie and a range of similar products.
"These resources will allow the company to pursue its expansion plans which include doubling the present capacity of vertically integrated operations from spinning mill, processing mill, garmenting and marketing with distribution and retail models", said Maxwell's Managing Director L J Reddy said.
Maxwell's Board of Directors approved the issue of bonus shares in the proportion of 3 bonus equity shares for every 4 existing equity shares of the company.
The bonus shares will increase the capital of the company from Rs.61.6 million to Rs.107.8 million.
Maxwell is a marketer of readymade garments under marketer the brand name of VIP Underwear.
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