SKNL arm Reid & Taylor's IPO by end-FY11

Textile major S Kumars Nationwide (SKNL) today said it plans to come out with a Rs 1,000 crore-IPO for its subsidiary, Reid & Taylor India (RTIL), by end-this fiscal.

"We are planning an IPO of around Rs 1,000 crore. Our draft red herring prospectus (DRHP) is under process with Sebi. We are hopeful of launching our IPO by end-this fiscal," SKNL Vice-Chairman and Managing Director Nitin Kasliwal told PTI here.

The proceeds of the public issue will be used to fuel expansion and repay some debt, he said. "We expect to repay around Rs 400 crore of debt."

On SKNL's Q3 FY11 performance, Kasliwal said that all the company's business units had kicked in with healthy contributions.

"Our international business is well set for growth in FY12. The strong performance in Q3 will lend further impetus and traction to us going forward."

SKNL clocked a 11.8 per cent growth in net sales at Rs 1,342.84-crore as against Rs 1,200.97-crore in the year-ago period, while net profit after minority interest climbed to Rs 79.69 crore from Rs 67.49 crore in the year-ago period.