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Gangotri Textiles' follow-on public offer

NEW DELHI: Coimbatore-based Gangotri Textiles will hit the capital market with a follow-on public issue on May 18 to raise Rs. 55 crore to part finance its Rs. 351 crore expansion-cum-integration plan. The proceeds of the issue, which will close on May 23, will be utilised to set up a ring cotton yarn spinning unit of 19,200 spindles, another polyester yarn spinning unit of 31,200 spindles and a garment manufacturing unit besides add six wind mills, GTL Managing Director, Manoj Kumar Tibrewal, said on Thursday, adding that the price band would be announced later.

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