Sanathan Textiles Filed Draft Papers With SEBI
Sanathan Textiles has filed draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds via initial public offering (IPO). The company is expected to raise Rs 1,200-1,300 crore through its IPO. Their IPO comprises of fresh issue worth Rs 500 crore and an offer for sale of 1.14 crore equity shares by promoters.
The offer for sale (OFS) comprises of 23,51,100 equity shares by Pareshkumar Dattani, 26,59,500 equity shares by Ajaykumar Dattani, 25,57,500 equity shares by Anilkumar Dattani, and 28,27,500 equity shares by Dineshkumar Dattani. Promoter group shareholders will also offload their equity shares via offer for sale including 18,000 shares each by Vajubhai Investments, Vallabhdas Dattani HUF, and Dineshkumar Dattani HUF. Sonali Dattani, Beena Dattani, Anilkumar Dattani HUF, Pareshkumar V Dattani HUF, and Mikesh Dattani together will also sell 9.5 lakh shares via OFS.
The company may consider pre-ipo placement of up to Rs 100 crore before filing red herring prospectus (RHP) with the IPO registrar. They will utilize fresh issue proceeds for repaying of debts, and working capital requirements, besides general corporate purposes.