Reliance Spinning Mills Opens Share Issue for Institutional Investors

GP Chudal
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Reliance Spinning Mills Opens Share Issue for Institutional Investors

Published: Jan 24, 2024
Reliance Spinning Mills, the largest spinning mills in Nepal, has opened its share issue for eligible institutional investors from January 24. The company is offering 10.14 percent of its issued capital, which is 1,926,600 ordinary shares, through the book building method.

The company has divided the share issue into two phases. In the first phase, the company is issuing 40 percent of the shares, which is 770,640 shares, at a price range of Rs 608 to Rs 912 per share. The company is inviting bids from eligible institutional investors through the Nepal Stock Exchange. The bidding process will close on January 28.

The company has appointed Global IME Capital as the issue manager. The investors can submit their sealed bids for the shares at the registered office of NEPSE in UNI Shantimarg, Bhadrakali.

NEPSE will announce the cut-off price on the next day of the closing date of the issue, based on the demand and supply of the shares. The investors who have bid above or equal to the cut-off price will get the shares.

The company has received A- rating from Care Ratings Nepal, which indicates adequate ability to meet its financial obligations on time.

The company makes a variety of yarns, including polyester, viscose, acrylic, cotton, and mixes, which are shipped to India and Turkey. The firm has two plants in Sunsari District: Khanar and Duhabi. The company's objective is to deliver excellent yarns to both domestic and international markets.

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