SEL Manufacturing plans expansion

Mumbai, June 12 (UNI) SEL Manufacturing Company Limited, a textile manufacturing&exporting company, proposes to expand its manufacturing capacities in garmenting, knitting and spinning at a total cost of Rs 184.57 crore.

Post implementation of the expansion project, the company will have consolidated garmenting capacities of 6 million pieces per annum. The financial appraisal of the expansion project has been done by SBI Project Uptech and the debt component of the project cost of Rs 103.79 crore is fully tied up under TUFS, the company said in a statement.

According to the company, it has plans to enter the capital markets with a public issue of 54 lakh equity shares of Rs 10 each through 100 per cent book building process for funding the equity component of the project cost. UTI Bank has been mandated as the book running lead manager for the IPOs. The company has already received SEBI observations on the DRHP for the IPO, the company added.

UNI