S Kumars raises $50 mn in share sale

S Kumars raises $50 mn in share sale

Mumbai: Textile firm S Kumars Nationwide has raised $50 million through a sale of shares to institutional investors, three sources with direct knowledge of the deal said on Tuesday.

The shares were sold at Rs80 each, said the sources who declined to be named as they were not authorized to speak to the media. The sale price represented a 5.2% discount to its Monday’s closing of Rs84.35.

The sources said demand for the share sale was strong with investors bidding for more number of shares than on offer.

Edelweiss Capital, JPMorgan and Antique Capital Markets were the arrangers to the issue, the sources said.

Officials at S Kumars and the lead managers were not immediately available for comment.