SEL IPO price band Rs 80-90

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The initial public offering of SEL Manufacturing, will hit the capital market on July 26. The price band of the 41,38,410-share issue is Rs 80-90 per share of face value Rs 10 each. 

At the lower end of the price band, the company would raise Rs 33.11 crore and at the upper it will raise Rs 37.25 crore. The issue closes on July 31, said an official at UTI Bank, the book running lead manager.

The company made a pre IPO placement of 7,60,800 shares to EXIM Bank at Rs 65 per share and another placement of 5 lakh shares to Nirmal Kotecha at Rs 75 per share.

SEL Manufacturing's road shows begin on Thursday in Mumbai and end on Monday in Delhi and Jaipur.

The company is planning to expand capacities in spinning, knitting and garment manufacturing at a total cost of Rs 184.5 crore. It has tied up debt of Rs 103.7 crore under Technology Upgradation Fund Scheme.

EXIM Bank has also sanctioned a term loan of Rs 25 crore for the expansion, reports The Economic Times.