SEL Manufacturing IPO to hit in July

SEL Manufacturing Company Ltd’s book built initial public offering of up to 46.38 lakh equity shares is likely around the third week of July.

The company plans to expand capacities in spinning, knitting and garment manufacturing at a total cost of Rs 184.5 crore. The debt of Rs 103.7 crore is fully tied up under Technology Upgradation Fund Scheme.

The total income of SEL rose to Rs 201.8 crore in 2006-07 (Apr-Mar) from Rs 64.34 crore in 2004-05 at a compounded annual growth rate of 77.13%.UTI Bank is the mandated book running lead manager for the IPO.

Read more in The Economic Times article.

EXIM Bank picks up 5 pc in SEL

EXIM Bank on Thursday said it has picked up five per cent stake in Ludhiana-based textile company SEL Manufacturing (SEL) for Rs 4.94 crore through a pre-IPO private placement of shares.

SEL is coming out with an IPO by July-end with 53.99 lakh equity shares of Rs 10 each to part finance its Rs 184.57 crore spinning, knitting and garment manufacturing capacity expansion programme.

"Exim bank has picked up 7.6 lakh shares in the company at Rs 65 per share. This equity stake will be five per cent of the fully-diluted paid up capital of SEL, post-IPO," SEL Managing Director Neeraj Saluja said here.

He said Exim Bank has also sanctioned a term loan of Rs 25 crore for the expansion project.

Read more in The Economic Times article.