Bombay Rayon IPO in Rs 60-70 band

Bombay Rayon Fashions (BRFL) is planning an initial public offering (IPO) of 1,34,75,000 equity shares in a price band of Rs 60-70 per share.

The company expects to mop-up between Rs 80-94 crore through the IPO, which will open on November 11 and close on November 17.

"The funds are being raised to part finance our new project with integrated facility of yarn dyeing, weaving and garment manufacturing at the apparel park at Doddaballapur near Bangalore costing Rs 161 crore," A R Mundra, executive director (finance) of BRFL, said.

The issue would constitute 27.51% of the post issue paid-up capital of the company.