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Our Bureau

Mumbai , Dec. 6

SEL Manufacturing Company Ltd, manufacturer and exporter of cotton yarn, knitted fabrics and garments, has filed its draft red herring prospectus with SEBI to enter the capital market with an IPO.

The company proposes to offer 53.99 lakh equity shares of Rs 10 each through a 100 per cent book building process to part finance its expansion plan of Rs 184.57 crore.

The company plans to expand its spinning, knitting and garment capacities. "Post expansion, we will have 74,256 spindles and turn out annually 4 million pieces of garments and 4,950 tonnes of knitted fabrics," said Mr Neeraj Saluja, its MD.

UTI Bank Ltd is the book running lead manager for the issue.

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