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Saturday, April 22, 2006

Gangotri Textiles' public issue likely next month

Gangotri Textiles, which has planned to tap capital market with a public issue, is expected to hit the market next month either in the first week or the second, reports The Hindu Business Line.

The company, which has filed its draft red herring prospectus, DRHP with the Sebi for its public issue, has received the latter's approval, according to a press release from the company.

The company has fixed May 6 as the record date for payment of interim dividend of 15% (75 paise per share of Rs 5 face value) and for determining the shareholders eligibility to get shares under the reserved portion.

Gangotri, manufacturers of the `Tibre' brand trousers, is planning to raise Rs 55 crore (Rs 550 million) through 100% book building process. The public issue is to part finance its expansion-cum-integrated production projects involving spinning, weaving, processing and garmenting facilities.

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