Exim Bank Infusing In SEL Manufacturing

Mumbai: Exim Bank has made an equity investment of Rs 4.94 crore in SEL Manufacturing Company Ltd. SEL is mulling to tap the capital market in the third week of July with an initial public offering of 46.38-lakh equity shares. The bank has subscribed to 7,60,800 equity shares of Rs 10 each of SEL at Rs 65 per equity share, including a premium of Rs 55 per equity share. The equity stake accounts for 5 per cent of the fully diluted paid up capital of SEL after the IPO. A 100 per cent export oriented garment producer, SEL has manufacturing facilities at Ludhiana in Punjab and Baddi in Himachal Pradesh. SEL has already raised Rs 103.79 crore via TUFs (technology upgradation fund). The consolidated total income of SEL has increased by 40.99 per cent to Rs 206.31 crore in FY07 from Rs 146.32 crore in FY06.