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Celebrity Fashions to float IPO with expansion

16
Dec '05
Garment producer Celebrity Fashions Ltd informed that the company will raise up to Rs 81 crore through its upcoming IPO to finance its Rs 96 crore worth expansion programme.

The company is entering the capital market on December 19 with an IPO of 45.5 lakh equity shares of Rs 10 each through 100 per cent book building process.

Company's Chairman and Managing Director V Rajagopal stated that the issue closes on December 22, 2005. A price band of Rs 160 to Rs 180 has been fixed for every share.

Company proposes to utilise the funds to part finance the acquisition of a trouser facility, setting up of exclusive Indian Terrain store, its readymade garment brand, and raise garment production capacity.

It proposes to open 20 exclusive Indian Terrian stores in next three years and set up a new factory for manufacturing tops with consolidated capacity of 920 production machines. Th factory will have 265 new machines and 655 production machines shall be relocated from the existing facilities.

The company has entered in to MoU with Ambattur Clothing Limited for acquisition of its undertaking engaged in manufacturing trousers having a production capacity of six million pieces per annum.

Rajagopal added that strong opportunities exist for growth in the global textile industry in a quota free regime and the branded apparel domestic market. They want to take advantage of this and improve the margins through value addition.

Celebrity Fashions Ltd is also an exporter of men's apparel.

The Economics Times


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