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Sanathan Textiles Draft Papers with SEBI, aiming to raise Rs 1,300 through IPO


Sanathan Textile File Draft IPO Papers Rs 1,300-Crore

Sanathan Textiles’ business is divided into three distinct yarn business verticals

Yarn maker Sanathan Textiles has submitted preliminary documents with capital markets regulator SEBI to raise around Rs 1,300 crore through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the initial share sale includes an issue of new shares totaling up to Rs 500 crore and an offering of up to 1.14 crore of equity. possess.

The Mumbai-based company may consider a pre-IPO equity share issue totaling up to Rs 100 crore. According to PTI news agency, the issuance scale will be in the range of Rs 1,200-1,300 crore.

Proceeds from the new share issue will be used within the range of Rs 325 crore to repay debt and Rs 65 crore to finance working capital needs in addition to general corporate purposes.

Established in 2005, Sanathan Textiles’ business is divided into three distinct yarn business verticals, including polyester yarn products; cotton yarn products; and yarn for technical and industrial textiles, produced at the Silvassa facility.

Over the years, the company has scaled up yarn production with a total capacity from 4,500 tons/year (MTPA) in 2006 to 221,050 MTPA in 2021.

Sanathan Textiles registered a profit of Rs 185.63 crore and a turnover of Rs 1,918.36 for fiscal year 21. It posted a profit of Rs 170.78 crore and a turnover of Rs 1,438.88 crore for the six months ended September year 2021.

Edelweiss Financial Services and JM Financial are top managers’ guides in this regard. The company’s shares are proposed to be listed on the NSE and BSE.

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