The Hindu Business Line : Malwa Ind plans IPO

Ludhiana-based denim maker Malwa Industries Ltd (MIL) plans to come out with an initial public offer and has filed Draft Red Herring prospectus with SEBI, Mr Rishi Oswal, Chief Executive Officer and Managing Director, MIL, said on Wednesday.

Mr Oswal said the company was yet to finalise the issue price but it plans to raise more than Rs 160 crore from the market for its expansion plan. The issue would part-finance its expansion plans, which would double its manufacturing capacity from the present 20 million metres to 40 million metres per annum and retire some of its old debts, Mr Oswal said.

Mr Oswal said that the company had fully acquired Third Dimension Apparels in Jordan and had taken up a majority stake in textile firm Emmetre Tintolavanderie of Italy.

"Our acquisition of Third Dimension, which has been servicing orders from leading denim brands has given a strategic foothold in a garment manufacturing location with duty free access to the US and European markets. Through Emmetre we would be providing high-end finishing services for denim garments," Mr Oswal said.

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