Textile and apparel manufacturing company S Kumars Nationwide Ltd (SKNL), said its menswear subsidiary Reid & Taylor (India) Ltd, had filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) in relation to its initial public offer of equity shares.
The issue includes an offer for sale portion by SKNL. Reid & Taylor is planning to raise around Rs.1,000 crore from the IPO. The company intends to utilise the funds to finance expansion plans.
SKNL’s director Ashesh Amin earlier said the proceeds from the IP would be used to expand Reid & Taylor’s manufacturing capacity and retail network across India, as well as overseas. S. Kumars acquired rights for manufacturing and marketing the Reid & Taylor worsted suiting in India in 1998. The brand was originally started by a Scottish man named Alexander Reid in the 1830s. The concern, financed by Joseph Taylor, went on to become a notable worsted suiting brand. S. Kumars set up a luxury suiting plant at Mysore in 1998 for Reid & Taylor (India) Ltd.
In 2008, 24.5 per cent stake in Reid & Taylor was acquired by an affiliate of GIC Special Investments for Rs.900 crore.
— IndiaRetailing Bureau
