Reid Taylor to get listed by end of this year aims to raise Rs 1000 crore (02-Aug-2010)
Indian-Commodity : Ipo : Reid Taylor to get listed by end of this year aims to raise Rs 1000 crore
Textile major, S Kumars Nationwide (SKNL) aims to list its subsidiary Reid & Taylor and raise Rs 1,000 crore by end-this year i.e. by November-December via an Initial Public Offering (IPO) .The company will be filing its Draft Red Herring Prospectus (DRHP) with SEBI this month.
The proceeds of the IPO will be utilized for procuring new equipment, retail expansion and repayment of around Rs 400 crore of debt.
SKNL will also sequel its brand Belmonte into a subsidiary in which it will hold around 70-75% and the rest will be held by an overseas private equity firm.On Belmonte, SKNL has already short-listed a private equity firm from around half-a-dozen and hopes to seal the deal by September-October.
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