Jagianani IPO to open on Feb 15

Mumbai, Feb 1 (UNI) Jagianani Textile Ltd (JTL) is entering the capital market on February 15 this year with a public issue of 81,00,000 Equity Share aggregating Rs 20.25 crore.

The Public issue closes on February 23.

JTl whole time Director Mr Gopal Vyas told reporters, ''The company is engaged in the manufacture of cotton and blended yarn in count with installed capacity of 3,600 Metric Tonnes at RIICO Industrial Area at Bagru near Jaipur. Its products are sold in the domestic market and exported to Baharain, Dubai, Egypt, Hong Kong and Pakistan.'' JTL has now embarked on expansion and forward integration projects at an estimated cost of Rs 54.17 crore. The project includes setting up a Ring Spinning unit of 6,000 spindles for manufacturing fine cotton yarn, upgradation of existing Open-End Spinning units to increase the exisiting yarn capacity from 3,600 MTA. The company is setting up a weaving unit for manufacturing fabric, by installing 48 high speed air jet looms.'' ''The estimated cost of the project is Rs 54.17 crore and would be financed by term loans from banks aggregating Rs 28 crore, unsecured loans from promoters aggregating Rs 3.77 crore, internal accruals of Rs 2.15 crore and public issue of equity shares aggregating Rs 20.25 crore. The expansion projects are under implementation and commercial production is expected to commence by June 30,'' Mr Vyas added.

UNI