Sanathan Textiles Offering On Dec 19

New Delhi: Yarn manufacturer Sanathan Textiles on Monday said it has fixed a price band of Rs 305-321 per share for its Rs 550-crore initial public offering (IPO). The initial share-sale will open for public subscription on December 19 and conclude on December 23. The bidding for anchor investors will open for a day on December 18, the company announced.

The company’s IPO is a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities.

The company plans to utilize the proceeds from its fresh issue worth Rs 160 crore for payment of debt, Rs 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings, and the remaining amount will be allocated for general corporate purposes.