Sanathan Textiles IPO to open on December 19, price band announced
Sanathan Textiles will open for subscription on December 19, and will close on December 23. The price band has been fixed between Rs 305 to Rs 321 per equity share of face value Rs 10 each for its maiden initial public offer.
The IPO is a mix of fresh issue of up to Rs 4,000 million and an offer of sale of up to Rs 1,500 million. Investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.
Issue size of the IPO is based on the upper and lower end of the price band.
The proceeds from its fresh issuance will be utilized to the extent of Rs 1600 million for repayment or pre-payment, in full or in part, of certain of its outstanding borrowings availed by the company, Rs 1,400 million for investment in its subsidiary viz. Sanathan Polycot Private Limited, for repayment and/ or pre-payment, in full or part, of certain borrowings availed by its subsidiary viz. Sanathan Polycot Private Limited; and general corporate purpose.
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