Textile company Raghuvir Exim Ltd has filed preliminary papers with markets regulator SEBI to raise funds through an initial public offering. The fresh capital will be used to fund expansion plans, it said.
So far this year, over 30 companies have filed draft IPO papers with the Securities and Exchange Board of India.
The company's IPO comprises fresh issue of 1.4 crore equity shares and an offer for sale of 45 lakh equity shares by promoter Sunil Agarwal, according to the draft red herring prospectus.
At present, promoters own 100% stake in the company.
Going by the draft papers filed last week, proceeds from the fresh issue to the tune of Rs 113 crore will be used to set up two stitching units in Ahmedabad, while a portion will be used for general corporate purposes.
The Ahmedabad-based company is engaged in the business of processing semi-finished fabrics into finished fabrics. It manufactures home furnishing products.
Unistone Capital Pvt Ltd is the sole book running lead manager of the issue. The equity shares of the company will be listed on the BSE and the NSE.
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