Bang Overseas files DRHP with the SEBI

Bang Overseas Limited ("Company"), a Mumbai-based company engaged in the textile, apparel and retail business, has filed its Draft Red Herring Prospectus ("DRHP") with the Securities & Exchange Board of India ("SEBI") to enter the capital market with an initial public offering ("IPO") of equity shares.

The Company proposes to issue 3,500,000 equity shares (the "Issue") of Rs 10 each for cash, at a price to be decided through a 100% book building process. The equity shares of the company, offered through this IPO, are proposed to be listed on the Bombay Stock Exchange Ltd. and the National Stock Exchange of India Ltd.

The Issue includes an employee reservation of 100,000 equity shares and the Net Issue will comprise 3,400,000 equity shares of Rs 10 each at a price to be decided at premium to be decided through a 100% book building process. At least 50% of the issue will be available for allocation to qualified institutional bidders ("QIBs") on a proportionate basis, of which 5% shall be available to Mutual Funds only. Further, upto 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors and upto 35% of the Issue shall be available for allocation on a proportionate basis to retail individual investors. The Issue will constitute 25.81 % of the post-issue paid-up capital of the company.

Mr. Brijgopal Bang, Managing Director, Bang Overseas Ltd., said, "Bang Overseas Ltd. plans to expand its distribution network by adding 90 retail outlets across the country for its Thomas Scott branded apparel products and fashion accessories. The Company also proposed to establish an apparel manufacturing unit in Kolar near Bangalore with a capacity of 20,000 pieces per day. The Company also plans to provide warehousing and logistics facilities to establish an efficient supply chain management for its retail operations."

Incorporated in 1992, Bang Overseas Ltd. is engaged in textile and apparel business. It has two apparel manufacturing units in Bangalore. It ventured into the ready-to-wear men's garments segment and unveiled the brand name "Thomas Scott" in 2002. Its products are presently retailed through 155 points of sale comprising of its own retail outlets and large format stores. It has in-house designing capabilities, existing distribution network and the requisite information technology systems.

The book running lead managers to the Issue is Almondz Global Securities Ltd.