Capital market regulator Sebi's has given its approval to Coimbatore-based SP Apparels for raising around Rs 215 crore through an initial public offering (IPO).
The company which had filed its draft red herring prospectus (DRHP) with Sebi in December 2015 for launching the IPO, received clearance from the regulator on April 5, according to an agency report.Capital market regulator Sebi's has given its approval to Coimbatore-based SP Apparels for raising around Rs 215 crore through an initial public#
It aims to mop up to Rs 215 crore through fresh issue of shares, while its existing shareholders will offload 9 lakh equity shares, as per the Draft Red Herring Prospectus (DRHP) filed with Sebi.
SP Apparels which was set up in 1989, manufactures and exports knitted garments for infants and children. The firm also manufactures and retails menswear in India under the brand 'Crocodile'.
Proceeds from the fresh issue will be utilised for repayment of debt, expansion and modernisation of manufacturing facility at Salem in Tamil Nadu and opening of new stores for the sale of 'Crocodile' products.
The funds raised will be also used for addition of balancing machineries for its existing dyeing unit at Sipcot, Perundurai in Tamil Nadu and other general corporate purposes. (SH)
ALCHEMPro News Desk – India
marketing@alchempro.com
