Textile firm Jindal Cotex Limited, which had a successful IPO, got listed at Rs 77 and the scrip closed at Rs 87.45 on the exchanges giving a 16% return to investors.

The company’s IPO, launched on August 27, 2009 with a public issue of 1, 24, 53,894 equity shares of face value of Rs. 10/- each with price band of Rs. 70 to Rs. 75 per share, was subscribed 2.19 times.

Also Read   Related Stories News Now - Cricinfo enables cricket at your fingertips - better than ever - Sage Saleslogix, the Customer Relationship Management Suite, designed for Media Companies - Global conference on Indian roads to focus on potential, strengths in sector - Parsvnath launches "Parsvnath City", Saharanpur - Tarang Software launches "Mobile Wallet" - Texmo Pipes and Products organized Annual Dealer Conference in Burhanpur

Also Read   Related Stories News Now - Markets end on a strong note - Nabard FY14 operating surplus soars 28% to Rs 1,635 cr - RBI eases banks' term deposit restrictions - NMDC Q4 net down 21.74% to Rs 1,642.28 cr - Balrampur Chini Q4 profit up by 15% More

The proceeds of the issue will be used mainly for entering into technical textile space through investment in wholly owned subsidiaries viz., Jindal Medicot Limited (JML) and Jindal Specialty Textiles Limited (JSTL). JML is setting up facilities to manufacture Medical Textile Products like Absorbent Bleached cotton Wool & its products and Cotton Crepe Bandage like Stretch Bandage, Crepe Bandage Cloth mainly catering to healthcare and cosmetic sector.

The total capacity of the plant will be 5000 TPA. JSTL is setting up facilities to manufacture PVC Laminated products for various applications like Frontlit Banner Fabric, Backlit Banner Fabric, Inflatable Fabric for Boats etc, Tent Fabric, Tarpaulin fabric, Truck Siders, mainly catering to outdoor media advertising industry, recreation and army applications with an estimated annual capacity of 60 Million Sq. Meters. Both these facilities will be set up in District Una in the State of Himachal Pradesh. Further, Jindal Cotex is also expanding its capacity by setting up of a new facility for manufacturing cotton yarn, yarn dyeing and garmenting.

Technical textiles are specialized textile products manufactured for industrial usage. The market for technical textiles is expected to touch $14 billion by 2012, though it is less than $8 billion today. Technical textiles have the potential to attract investments worth Rs. 5000 crore and generate 3, 00,000 additional employment by 2012. The Government of India has also taken number of steps to promote its growth and as per National Textile Policy that priority will be accorded for their growth and development of technical textiles industry.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end on a strong note - Nabard FY14 operating surplus soars 28% to Rs 1,635 cr - RBI eases banks' term deposit restrictions - NMDC Q4 net down 21.74% to Rs 1,642.28 cr - Balrampur Chini Q4 profit up by 15%

Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  Help a Child Achieve her. Click to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More