Textiles and apparel firm S Kumars Nationwide (SKNL) on Friday said its subsidiary Reid & Taylor (India) has approached market regulator Securities and Exchange Board of India (Sebi) for permission to tap the capital market with an initial public offer (IPO).
In a filing to the Bombay Stock Exchange, SKNL said: "Reid & Taylor (India), a subsidiary of the company, has filed its Draft Red Herring Prospectus (DRHP) with Sebi on December 9."
Reid & Taylor (India) is reportedly looking to raise around Rs 1,000 crore from the offer and the funds are expected to be utilised to finance expansion plans.
SKNL Director Ashesh Amin had earlier said the proceeds from the IPO would be utilised to expand Reid & Taylor's manufacturing capacity and retail network across India, as well as overseas.
The brand is likely to be launched in the US market within the next 6-8 months.
Reid & Taylor's apparel range includes suits, jackets, trousers, shirts, ties, T-shirts, jeans and accessories. The products are targetted at the premium segment and are endorsed by Bollywood actor Amitabh Bachchan.