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.
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