Sanathan Textiles files Rs 1300 crore IPO papers with SEBI
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Sanathan Textiles has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise up to Rs 1300 crore through an initial public offering (IPO). The shares of the company are proposed to be listed on both BSE and NSE.
The proceeds from the fresh issuance of shares will be used to the extent of Rs 325 crore to repay debt, Rs 65 crore for funding working capital requirements besides general corporate purposes. Edelweiss Financial Services and JM Financial are the book running lead managers to the issue.
Sanathan Textiles' business is divided into three separate yarn business verticals, consisting of polyester yarn products; cotton yarn products; and yarns for technical textiles and industrial uses, manufactured at its Silvassa facility.
