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S Kumars Nationwide Limited (SKNL), a  leading Indian textile and apparel manufacturing company, has raised $50 million (Rs 235 crores) by issuing fresh shares to Qualified Institutional Buyers (QIBs). The company received an order book of approximately 2.5 times the base issue size of $25 million and opted to exercise the over-allotment option of $25 million, it said in a press statement.

The issue was widely subscribed including investors from the United States, Europe and Asia (including India). The equity shares were issued at a price of Rs. 80 per share.

J. P. Morgan India Private Limited, Edelweiss Capital Limited. and Antique Capital Markets Private Limited were the bookrunning lead managers to the issue.

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The textile firm has hired seven banks including JPMorgan and UBS AG to raise as much as $250 million through an IPO of one of its units.

Clothing chain Reid & Taylor, which is 75% owned by S Kumars and the remainder by Singapore sovereign fund GIC, will file initial papers for the share sale with the Indian market regulator in 10 days, Nitin Kasliwal, vice-chairman and managing director at S Kumars, told Reuters by phone.

HSBC, Deutsche Bank,  Edelweiss Capital, JM Financial and Antique Capital are the deal's other book runners, he said.

"We are planning to launch the issue by end of this year," he said.

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