Stocks

Scotts Garments plans to raise Rs 139 cr via public issue

Our Bureau Mumbai | Updated on March 12, 2018 Published on April 22, 2013




Scotts Garments plans to raise about Rs 139-crore to put up a garment facility for trousers in Karnataka and a knitting and fabric unit at Kolhapur in Maharshtra. Besides, it will also use part of the proceeds to retire existing debt and meet working capital requirements, the company said.

The company will issue 1.05 crore equity share at a price band of Rs 130-132 a share. The issue will open for subscription between April 25 and 29.

Scotts has 24 manufacturing units in Karnataka and Tamil Nadu. Besides orders from domestic markets, it also processes orders for international brands, especially from Europe. In the last three years, it has received repeat orders from renowned international clients such as Best Seller, S Oliver, Rhodi Suppliers and Mayoral Moda.

The company added new customers such as Carrefour (France), United Colors of Benetton (Italy), The S Group Inc, House of Fraser (UK), GAP (USA) and Perry Ellis (USA).

In December 2012, Canbank Venture Capital Fund subscribed to 17.39 lakh equity shares at a premium of Rs 105 a equity share, aggregating to Rs 20 crore.

For the seven months ended October 2012, the company achieved a turnover of Rs 329 crore with a profit after tax of Rs 20 crore.

srivats.kr@thehindu.co.in

Published on April 22, 2013
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