Mudra Lifestyle fixes price band for its IPO at Rs 75-90

Mumbai, Jan 29 (UNI) Mudra Lifestyle, which proposes to enter the capital market on February 08, has fixed its price band at Rs 75-90.

Briefing the media here today, company Executive Chairman and Managing Director Murarilal Agarwal said,''Our company has already become integrated one in the field of garment manufacturing and we want to utilise the proceeds of the issue to expand our manufacturing facilities by setting up a new integrated unit having all the process of yarn dyeing, weaving, process house and garment manufacturing near Bangalore and Tarapur with an estimated investment of Rs 177.5 crore. Out of it, the company proposes to utilise debt upto Rs 100.84 crore and it is fully tied up''. The offer closes on February 14.

The company has made a pre-IPO placement of 19,20,000 equity shares to SIDBI Venture Capital Ltd and State Bank of India, leaving net offer to the public constituting 25.29 per cent of the post issue paid-up capital of the company, he added.

UNI