SKNL rallies as subsidiary Reid & Taylor files for IPO

S Kumars Nationwide (SKNL) is trading 6% higher at Rs 73 after its subsidiary Reid & Taylor (India) Limited filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on December 09, 2010 in relation to its initial public offer (IPO). The issue includes an offer for sale portion by S Kumars Nationwide Limited.
 
Reid & Taylor (India) is planning to mobilize around Rs 1,000 crore from the IPO and the funds are expected to be utilised to finance expansion plans.
 
The stock opened at Rs 68.05 and touched high of Rs 73.60 on the NSE. Around 774,180 shares have changed hands on the counter in morning deals.