Sudar Garments IPO to open on Feb 21

Apparel manufacturer Sudar Garments is entering capital market with a public issue of 90.88 lakh equity shares of Rs 10 each on February 21. The issue will constitute 49% of the fully diluted post-issue paid up capital of the company.

Company specializes in shirts, trousers and wide range of other apparel. Company functions as an integrated apparel manufacturer with the capability of designing and manufacturing involving cutting, body stitching, washing, ironing and finishing.

Issue proceeds will be used for expansion of the existing apparel manufacturing unit, working capital requirement and setting up retail outlets & brand building. Company estimated the fund requirement of Rs 57.2 crore for the above objects.

The issue will close on February 24. Currently promoter and promoter group hold 90.09% stake in the company.

Equity shares are proposed to be listed on BSE and NSE. Ashika Capital Limited is registrar to the issue.