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Mumbai, Dec. 21 Mudra Lifestyle Ltd will set up a spandex elastomeric yarn project at an investment of Rs 300 crore.

According to a company release, the plant will be set up as a subsidiary or division of the company and will come up in Uttarakhand or Himachal Pradesh, the release added. The project will be funded by promoters through warrants of Rs 36 crore; Foreign currency convertible bonds, global depository receipts or American depository receipts of up to Rs 200 crore; and the balance Rs 64 crore through bank loans, said the release.

The company intends to issue 30,00,000 preferential warrants of Rs 10 each to promoters at a price of Rs 120 per warrant as against a minimum applicable price of Rs 95.56 per warrant. They will also occasionally borrow funds, which along with the existing borrowed funds may exceed the paid-up capital and free reserves of the company, but will not exceed Rs 500 crore.

Mudra’s product portfolio consists of finished fabric, processing and garments. “We are gradually moving towards garment manufacturing mainly in the designer shirts and ladies wear segments to capitalise on the huge opportunity unleashed by the removal of quotas,” said the release.

More Stories on : Preferential Allotments | Textiles

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