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    HomeNewsBusinessIPOSudar Garments Ltd IPO opens Feb 21, 2011

    Sudar Garments Ltd IPO opens Feb 21, 2011

    Sudar Garments Limited IPO to open February 21, 2011. The price band fixed at Rs 72 to Rs 77.

    February 18, 2011 / 16:53 IST

    Sudar Garments Limited, engaged in the manufacturing of garments for Mens wear, Womens wear and Kids wear, proposes to enter the capital markets on 21st February 2011 with a public issue of 90,88,000 Equity shares of Rs 10 each through 100% book building process. The Issue closes on 24th February 2011. The Price Band has been fixed at Rs 72 to Rs 77 per equity share of Rs 10 each. The Issue would constitute 49% of the fully diluted post-issue paid up capital of the Company. Ashika Capital Limited is the sole Book Running Lead Manager for the Issue and Link Intime India Pvt Ltd is the Registrar to the Issue. The Crisil has assigned grade 1/5 to the issue.


    The Company proposes to utilize a part of the net proceeds of the issue for expansion of the existing apparel manufacturing unit located in Khalapur Taluka of Raigad District near Mumbai. The investment in expansion is estimated at Rs 26.29 crore. The additional working capital requirement of Rs 27.30 crore is on the basis of additional funds required after the implementation of expansion plans of the company. The expansion plans are expected to be completed in the FY 2011-2012.

    Further, Sudar Garments Ltd intends to have a total of 25 Retail outlets in major cities of South India and towards this, it has earmarked a sum of Rs.2.40 crore .Out of these, the company proposes to open 10 own retail outlets on leased premises and balance 15 retail outlets proposed to be operated on franchisee basis. It has finalized the locations for the proposed own outlets in the Chennai city. All these retail outlets shall operate under its brand name
    first published: Feb 18, 2011 04:49 pm

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