SEL Mfg to raise Rs 184.57cr by IPO for expanding business

New Delhi, Dec 5 (UNI) SEL Manufacturing Co Ltd, a R S Saluja Group company today said it plans to invest Rs 184.57 crore in expanding its capacity, as it would raise the money through the initial public offer (IPO) of 53,99,210 equity shares of Rs 10 each.

''Post implementation of the expansion project, we will have capacities of 74,256 spindles, 4 million pieces per annum of garments and 4,950 tonnes of knitted fabrics per annum,'' company's Managing Director Neeraj Saluja said.

Mr Saluja said the company will be expanding its capacities in spinning, knitting and garment manufacturing at a total cost of Rs 184.57 crore.

The company has filed Draft Red Herring Prospectus with SEBI for entering into the capital market through 100 per cent book-building process, a statement said.

Presently, the company is operating with a capacity to manufacture 5 million garments per annum. The capacities in yarn and fabric knitting are at 29,856 spindles and 1,950 tonnes of knitted fabrics per annum respectively.

Its manufacturing facilities are based in Ludhiana in Punjab and Baddi in Himachal Pradesh.

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