Richa Knits launches IPO to realize expansion plan
09 Sep '06
1 min read
To mobilise funds for the Rs63 crore expansion plan, textile company Richa Knits is to enter the capital market with Initial Public Offer (IPO) of 90 lakh equity shares which will help it raise Rs27 crore from market.
Managing Director Sushil Gupta informed that they had already accrued a loan of Rs33 crore from bank for the expansion plan which includes setting up a processing and dyeing unit having a capacity of 3,960 tons per annum (TPA) in Rajasthan and knitting facility at existing plant in Gurgaon with the capacity of 480 TPA.
It further plans to increase the garmenting capacity of 18 lakh pieces per year in Gurgaon to 27 lakh pieces per year. After the expansion, knitting capacity of the company will increase to 1,458 TPA and dyeing and processing capacity to 8,160 TPA.
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