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Our Bureau

Chennai , Nov. 24

New York Life Investment Management India Fund (FVCI) II has picked up 10.71 per cent stake in Coimbatore-based garment exporter S.P. Apparels Ltd for Rs 36 crore at Rs 200 a share. S.P. Apparels is an exporter of T-shirts. It sells about 3.5 million pieces a year, about 30 per cent of which are outsourced. In the first six months of the current year, the company has achieved a turnover of Rs 135 crore. It expects to close the year with sales touching Rs 250 crore, the company's Chairman and Managing Director, Mr P. Sundar Rajan, told a press conference here on Friday.

Investment Plan

The company has an investment plan for Rs 230 crore split into two phases. The infusion of funds from New York Life Investment is to part-fund the first phase. The company has agreed to the private equity investor to come out with a public issue within the next five years.

More Stories on : Foreign Institutional Investors | Mergers & Acquisitions | Readymade Garments

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