Monte Carlo files for initial public offer: Media Report

21 Jul 2014

Apparel major Monte Carlo has filed its draft offer document with Sebi, becoming the second firm announcing plans to hit the primary market after the new government came to power, reported PTI.

Monte Carlo Fashions Ltd is planning to to sell 25 per cent stake that would comprise of sale of over 54 lakh shares by promoters and other shareholders.

Our company expects that the listing of the equity shares will enhance our visibility and brand image among our existing and potential customers and provide liquidity to the existing shareholders, Monte Carlo said in its draft red herring prospectus.

Proceeds from the IPO would go to the selling shareholders. They are Jawahar Lal Oswal, Dinesh Oswal, Kamal Oswal, Kanchi Investments Ltd, Oswal Woollen Mills Ltd, Abhilash Growth Fund Pvt Ltd and Vanaik Investors Ltd.

The 'Monte Carlo' brand was launched by Oswal Woollen Mills Ltd (OWML) in 1984.

Source: Dion Global Type: IPO Related

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