Vardhman Textiles plans to raise Rs 2bn through QIP to fund its future expansion plans and for other general corporate purpose.

Vardhman is a textile conglomerate with diversified portfolio that includes yarn, greige and processed fabric, sewing thread, acrylic fibre and alloy steel.

Transaction Reference : Myiris

Vardhman's major turnover is from yarns with 47%, then fabric with 22%, sewing thread with 11% and then steel, fibre and power plant. It has manufacturing units at Punjab, Madhya Pradesh and Himachal Pradesh.

Last month, Vardhman spined off its steel business and merged it with its unit, Vardhman Special Steels. The company reported 97.24% rise in standalone net profit to Rs 787.20mn for the quarter ended June 2010 with the 30.82% rise in its sales to Rs 8112mn.

Company's Performance:

This year textile industry has seen various fund raising activities - Jindal cotex recently raised $38.75 Mn through GDR, SEL Textiles, subsidiary of SEL Manufacturing Ltd had filed DRHP to tap the capital market, home linen maker Pradip Overseas recently raised about Rs.116 Cr through an initial share sale, while Alok Industries raised Rs.460 Cr through QIB, Mandhana Industries raised Rs.108 Cr through IPO and Reid & Taylor, a subsidiary of S Kumars Nationwide plans to raise $225-$250 Mn via IPO in coming months.

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