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Textile major S Kumars raises Rs 235 cr through QIB

Textiles and apparel firm S Kumars on Thursday said it has raised Rs 235 crore by issuing fresh shares to Qualified Institutional Buyers.

twitter-logo PTI   Mumbai     Last Updated: September 17, 2010  | 12:15 IST

Textiles and apparel firm S Kumars on Thursday said it has raised USD 50 million (Rs 235 crore) by issuing fresh shares to Qualified Institutional Buyers (QIBs).

S Kumars Nationwide Ltd (SKNL) received an order book of around 2.5 times the base issue size of USD 25 million and opted to exercise the over-allotment option of another USD 25 million.

The equity shares were issued at Rs 80 each.

The issue was widely subscribed including investors from the United States, Europe and Asia (including India), SKNL said in a statement.

JP Morgan India Private Ltd, Edelweiss Capital Ltd and Antique Capital Markets were the book-running lead managers to the issue.

SKNL Vice Chairman and MD Nitin Kasliwal said, "The funds raised will be utilised for the growth plans of the company.

We are a global leader in fabrics to fashion and look to consolidate our leadership position by adding more capacities in India and pursue international growth opportunities."

SKNL is among India's leading textiles and apparel firms with expertise in multi-fibre manufacturing. The company has expanded its presence to multiple product categories from fabrics to apparels and home textiles.

The company has recently expanded operations to cover more European and north American markets and its portfolio of 45 leading brands across various segments.

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