Google News

Reid & Taylor files draft Red Herring prospectus with SEBI

Must Read

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


Latest News

ONDC announces Build for Bharat initiative 

The initiative intends to tap into India’s technological and entrepreneurial potential with an expected participation of over 2,00,000 participants...

Login to your account below

Fill the forms bellow to register

Retrieve your password

Please enter your username or email address to reset your password.