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Abhishek Mills issues IPO for expansion plans

Feb '07
Abhishek Mills (AML) is going to issue initial public offering (IPO) of 4,100,000 equity shares of Rs10 each.

Out of the total IPO, 205,000 equity shares would be kept aside for employees and net issue to public will be 3,895,000 equity shares.

The capital raised from IPO will be used in establishing a textile plant in Tamgaon, Kolhapur district, Maharashtra.

A spinning facility would also be set up in existing premises. The cost of expansion process is estimated at Rs218.78 crore.

Out of the total expansion cost, company is going create debt of Rs149.90 crore under Technology Upgradation Scheme (TFUS) and Rs68.88 crore will be raised from internal accruals and IPO.

Currently, demand in export market for finer count in the high segment of combed cotton yarn is satisfied by 100 percent combed cotton produced in spinning unit at Kolhapur.

Company also has 33,120 spindles which produces 100 percent combed cotton yarn.

After this expansion, company can produce additional 8 to 9 million meters of high end yarn dyed shirting fabrics.

In April to September, 2006, its figures of sales reached Rs40.86 crore, including profit after tax (PAT) of Rs6.73 crore.

In financial year 2006, company's turnover stood at Rs67.35 crore with a PAT of Rs12.81 crore.

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