Financial Daily from THE HINDU group of publications
Tuesday, Mar 14, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 14, 2006 |
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Corporate
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Outlook Markets - IPOs Kewal Kiran eyes inorganic growth Our Bureau
MR KEWALCHAND P. Jain (left), Chairman and Managing Director, Kewal Kiran Clothing Ltd, and Mr Hemant P. Jain, Director, at a press conference to announce the company's IPO in Mumbai on Monday. — Shashi Ashiwal
Mumbai , March 13 The Mumbai-based Kewal Kiran Clothing Ltd is looking at growing inorganically through acquisitions. At a press conference Mr Nikesh Jain, Chief Financial Officer, Kewal Kiran Clothing, said, "We are looking at opportunities to grow inorganically. We may acquire brands in women's wear and kid's wear since we are not present in this segment.'' With intentions of launching western wear for women, the clothing company expects to get into denims and casual apparel either under its existing brands or new brands apart from keeping the acquisition options open under the same segment. At the same time, the company is expanding its number of stores under the K-Lounge brand from the present 29 stores to 133 stores by 2008. Recording a CAGR of 14 per cent between 2002 and 2005, the Rs 75-crore Kewal Kiran Clothing company plans to invest Rs 72 crore to set up a new manufacturing facility and expand its distribution network. Also, it plans to enter the capital market with an issue of 3,100,000 equity shares of Rs 10 each to part finance its expansion plans. The issue is through 100 per cent book building route and the price band has been fixed between Rs 250 and Rs 275 per equity share.
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