Business Daily from THE HINDU group of publications
Friday, Jul 06, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jul 06, 2007 ePaper |
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Money & Banking
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Financial Institutions Corporate - Preferential Allotments Exim Bank investing in SEL Manufacturing
Equity stake: Mr Neeraj Saluja (left), Managing Director, SEL Manufacturing Co Ltd, Mr Dhiraj Saluja, Director, and Mr John Mathew, General Manager, Export-Import Bank of India, at a press conference in Mumbai on Thursday. —
Our Bureau Mumbai, July 5 Exim Bank has made an equity investment of Rs 4.94 crore in SEL Manufacturing Company Ltd, an integrated textile company. SEL is planning to tap the capital market in the third week of July with an initial public offering of 46.38-lakh equity shares. The bank has subscribed to 7,60,800 equity shares of Rs 10 each of SEL at Rs 65 per equity share, including a premium of Rs 55 per equity share. The equity stake accounts for 5 per cent of the fully diluted paid up capital of SEL after the IPO. Expansion Projects
A 100 per cent export oriented garment producer, SEL has manufacturing facilities at Ludhiana in Punjab and Baddi in Himachal Pradesh. The company is planning to expand its capacities in spinning, knitting and garment manufacturing at a cost of Rs 184.57 crore. SEL has already raised Rs 103.79 crore through TUFs (technology upgradation fund). Exim Bank has sanctioned a term loan of Rs 25 crore for expansion projects of the company. The consolidated total income of SEL has increased by 40.99 per cent to Rs 206.31 crore in FY07 from Rs 146.32 crore in FY06. Net profit jumped 67.71 per cent to Rs 22.81 crore (Rs 13.60 crore).
More Stories on : Financial Institutions | Preferential Allotments | Textiles
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