Nandan Denim Ltd, denim fabric maker in India aims to raise Rs 100 crore ($15 million) through an issue of warrants to foreign investors to fund its expansion.
Apart from expansion, the funds will also be used for investment in proposed subsidiaries, meeting long-term working capital requirement and improving capital structure, among others, the company said in a stock market disclosure.
Nandan Denim Ltd, Gujarat based firm is set to become Asia’s biggest denim fabric maker this year on completing its Rs 621-crore capacity expansion programme. At present, Nandan’s capacity is 99 million meter per annum (MMPA), putting it at the second spot behind Arvind Ltd, whose capacity is 108 MMPA. Nandan Denim has been conferred an award by Fortune India.
Nandan Denim Ltd (NDL), Ahmedabad based denim fabric maker armed with one of the most sophisticated weaving plants and other facilities, today manufactures superior grey cotton fabrics, khakis and denims. They have earmarked a capacity expansion plan to strengthen its domestic market share, expand exports business and have an increased focus on value added segments.
Nandan plans to increase its production capacity to 110 million metres per annum by the next quarter. At present, it has a denim production capacity of 71 million metres per annum.
