Monte Carlo Fashions to raise around Rs350 crore through IPO

Mumbai: Monte Carlo Fashions Ltd (MCFL) has fixed price band of Rs.630-645 per equity share to raise around Rs.350 crore through an offer for sale by promoters group and private equity (PE) firm Samara Capital.
The company is making an IPO of 54,33,016 equity shares of face value of Rs.10 each for cash at a price band of Rs.630 to Rs.645 per equity share through an offer for sale by selling shareholders.

The offer constitutes 25% of the post offer paid-up equity share capital of the company. The issue opens on 3 December and closes on 5 December. Post IPO, the promoters will have up to 64% stake, public would be 25%, and Samara Capital would retain 11% stake in the company, Monte Carlo Fashion chairman Jawahar Lal Oswal told reporters.

In June 2012, Samara Capital, a Mauritius-based India focused private equity firm, through its affiliate, KIL, acquired a stake in MCFL and currently holds 18.51% of the pre-offer capital of the company.

The company is also considering participation by anchor investors. The anchor investor bidding date will be one working day prior to the offer opening date. Launched in 1984 as an exclusive woollen brand by Oswal Woollen Mills Ltd (OWML)—Monte Carlo, Oswal said will continue to focus on the growth of its cotton and cotton-blended apparel to establish pan-India presence.

"We have 190 exclusive outlets, of which 80 are company owned. As part of our growth strategy, the company has a target of establishing 275 "Monte Carlo exclusive brand outlets" by the end of fiscal 2017.

"We seek to penetrate further in the western and southern regions of India," Monte Carlo Fashions executive director Sandeep Jain earlier said. The company operates two manufacturing facilities in Ludhiana at Punjab, one for woollen apparel products and one for cotton apparel products.

After the dull primary market, Monte Carlo Fashions IPO is the first company to raise Rs.300 crore plus through capital market after the Modi government assumed charge, merchant banking sources said.

Livemint
Sent from BlackBerry® on Airtel

--
You received this message because you are subscribed to the Google Groups "Product Updates for AMC" group.
To unsubscribe from this group and stop receiving emails from it, send an email to Productupdatesforamc+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

Comments




I would like to request you to join our following services.
It is the smartest way to stay on top of latest Mutual fund, Bonds & IPO News .

 Product Updates on whatsapp


 Product Updates on Email 

                                                   
 Product Updates on Telegram



You will get daily news updates for FREE. 
I also request you to spread the world by referring us to the smartest people you know.  

To share it with your friends, 
just Copy below message it & paste in your group

Subscribe to Our WhatsApp, Email & Telegram Update Service ! https://bit.ly/3ryhxBM
     

Popular Posts

FinMin to give in-principle approval for UTI Mutual Fund IPO soon

Key Trigger Points for Market

Reliance Mutual Fund lowest bidder for managing NPS