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Thursday, Aug 18, 2005

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Bombay Rayon plans IPO

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Mumbai , Aug. 17

BOMBAY Rayon Fashions Ltd is embarking on an expansion plan involving an investment of Rs 161 crore.

To part-finance the project, the company proposes to enter the capital market for which it has filed an application with the Security and Exchange Board of India for its initial public offering (IPO).

The book running lead managers to the public issue are UTI Bank and Anand Rathi Securities Pvt Ltd, and the registrar is Intime Spectrum Registry Ltd.

According to a company statement, Bombay Rayon Fashions is setting up an integrated facility — weaving, process house and garment manufacturing — at the Apparel Park being developed by the Karnataka Industrial Area Development Board in Doddaballapur, near Bangalore, in two plots of land measuring 20.26 acres. Gherzi Eastern Ltd has done the techno-economic feasibility study and UTI Bank has done the financial appraisal for the expansion plans. The expansion project is expected to start commercial production by March 2008.

The entire fund requirement is proposed to be met through rupee term loans from banks and financial institutions, and the IPO proceeds. The company manufactures fashion fabrics and readymade garments (mainly men's shirts). It currently manufactures fabric at Sonale near Bhiwandi, Navi Mumbai, Silvassa, and a garmenting plant in Bangalore.

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