New Delhi: Yarn maker Sanatan Textiles has filed preliminary papers with capital markets regulator SEBI to raise Rs 800 crore through an initial public offering.
According to the draft re herding, the initial public offering (IPO) is a combination of fresh issues of equity shares up to Rs 500 crore and offer for sale (OFS) of up to Rs 300 crore by promoters and promoter group entities. Prospectus (DRHP).
Additionally, the company may consider pre-IPO placement of equity shares up to Rs 100 crore.
If such placement is done then the size of the new issue will be reduced.
According to the draft paper filed on Wednesday, the proceeds from the fresh issue of shares worth Rs 210 crore will be used for investment in the company's subsidiary - Sanatan Polycoat Pvt Ltd - to finance its long-term working capital requirements, 175 Rupees. Crore for repayment of loan and general corporate purposes.
Sanathon Textiles operates three distinct yarn business divisions – polyester yarns, cotton yarns and yarns for technical textiles and industrial applications. These divisions are currently managed under a single corporate entity.
The company's consolidated revenue from operations during FY22 was Rs 3,329.21 crore and profit after tax was Rs 152.74 crore.
Earlier in January 2022, the company had filed draft documents with the market regulator to raise funds through IPO. It had received SEBI approval in March 2022 to issue a public issue, but it was not issued.
Dam Capital Advisors Limited and ICICI Securities Limited are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
According to the draft re herding, the initial public offering (IPO) is a combination of fresh issues of equity shares up to Rs 500 crore and offer for sale (OFS) of up to Rs 300 crore by promoters and promoter group entities. Prospectus (DRHP).
Additionally, the company may consider pre-IPO placement of equity shares up to Rs 100 crore.
If such placement is done then the size of the new issue will be reduced.
According to the draft paper filed on Wednesday, the proceeds from the fresh issue of shares worth Rs 210 crore will be used for investment in the company's subsidiary - Sanatan Polycoat Pvt Ltd - to finance its long-term working capital requirements, 175 Rupees. Crore for repayment of loan and general corporate purposes.
Sanathon Textiles operates three distinct yarn business divisions – polyester yarns, cotton yarns and yarns for technical textiles and industrial applications. These divisions are currently managed under a single corporate entity.
The company's consolidated revenue from operations during FY22 was Rs 3,329.21 crore and profit after tax was Rs 152.74 crore.
Earlier in January 2022, the company had filed draft documents with the market regulator to raise funds through IPO. It had received SEBI approval in March 2022 to issue a public issue, but it was not issued.
Dam Capital Advisors Limited and ICICI Securities Limited are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
