The Hindu Business Line : Bang Overseas eyes capital market

Mumbai, July 25 Bang Overseas Limited, a Mumbai-based company engaged in the textile, apparel and retail business, has filed its draft red herring prospectus with Sebi to enter the capital market with an initial public offering equity shares.

The company proposes to issue 35 lakh equity shares of Rs 10 each for cash, at a price to be decided through a 100 per cent book building process. The equity shares of the company will be listed on the BSE and the NSE.

The issue includes an employee reservation of one lakh equity shares. The issue will constitute 25.81 per cent of the post-issue paid-up capital of the company.

Mr Brijgopal Bang, Managing Director, Bang Overseas Ltd, said: “Bang Overseas Ltd plans to expand its distribution network by adding 90 retail outlets across the country for its Thomas Scott branded apparel products and fashion accessories. The company also proposed to establish an apparel manufacturing unit in Kolar near Bangalore with a capacity of 20,000 pieces per day.”

The company also plans to provide warehousing and logistics facilities to establish an efficient supply chain management for its retail operations as well as for other brands.

Incorporated in 1992, Bang Overseas Ltd is engaged in textile and apparel business. It has two apparel manufacturing units in Bangalore. It ventured into the ready-to-wear men’s garments segment under the ‘Thomas Scott’ brand in 2002.

Its products are presently retailed through 155 points of sale comprising of its own retail outlets, large format stores and multi-brand outlets.

It has in-house designing capabilities, existing distribution network and the requisite information technology systems.

The book running lead managers to the issue is Almondz Global Securities.