Garment maker Scotts Garments Ltd is coming up with an initial public offering (IPO) to raise funds to set up two new units, at Karnataka and Maharashtra.
The issue would open on April 25 and would close on April 29. The company is proposing a public issue of 1,05,06,954 equity shares of Rs 10 each The issue would constitute 26.95 per cent of the post issue paid up capital of the company, a statement released here said. The equity Shares are proposed to be listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited. The price band for the issue is Rs 130 to Rs 132 per equity share of the face value of Rs 10 each.
The company plans to raise resources to part finance the cost of setting up a unit for trouser manufacturing at Doddaballapur, Karnataka and knitting & fabric processing unit at Kagal in Kolhapur, Maharashtra. It presently has 24 manufacturing units in Karnataka and Tamil Nadu. The statement said for the seven months ended October 2012, the company's turnover was Rs 329.39 crore with profit after tax of Rs 20.41 crore.
