The Hindu Business Line : Mudra Lifestyle IPO's price band at Rs 75-90

IPO WALK: Mr Murari Agarwal (left), CMD, Mudra Lifestyle Ltd, with Mr Ravindra Agarwal, Joint Managing Director, at a press conference in Mumbai on Monday. - Paul Noronha

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Mumbai Jan. 29 Mudra Lifestyle, a fabrics and garments manufacturer, proposes to enter the capital market on February 8, with a public issue of 95.8 lakh equity shares of Rs 10 each in the price band of Rs 75-90 a share. The issue closes on February 14.

The proceeds will be utilised to part-fund the company's expansion plans.

The issue would constitute 26.62 per cent of the post-issue paid-up capital of the company.

Earlier this month, the company raised Rs 14.4 crore though pre-IPO placement of 19.2 lakh equity shares to SIDBI Venture Capital Ltd and State Bank of India. The net offer to public will constitute 25.29 per cent of the post issue paid-up capital of the company.

Mr Murari Agarwal, Chairman and Managing Director, Mudra Lifestyle, said garment manufacturing capacity will increase to 35,500 pieces per day post expansion from 10,500 pieces at present. Yarn dyeing capacity will go up to 4,160 kg per day from 2,160 kg per day, weaving capacity will be scaled up to 261 looms from 177 and processing capacity will increase to 185,300 metres per day.

SBI Capital Markets Ltd is the sole book-running lead manager to the issue and Bigshare Services Pvt Ltd is the Registrar.