MUMBAI: Apparel maker S Kumars on Wednesday said it is mulling over an IPO for its Reid & Taylor division, which has been endorsed by elite actors like Amitabh Bachchan Pierce Brosnan of James Bond fame.
The company's board today approved the transfer of its luxury textiles and ready to wear garment business, Reid & Taylor, into a separate subsidiary.
The exercise is a precursor to inviting private equity investors and then going public or directly doing an IPO for Reid & Taylor (India) Ltd, the company said in a filing to the Bombay Stock Exchange.
Besides Bachchan and Brosnan, the Reid & Taylor brand has also been promoted by cricketer like Sourav Ganguly.
The principal reason for the proposed subsidiaries is to have focus on the luxury textiles and premium garment business in a fast growing market, the company added.
December 7 has been fixed as the cut off date for sending notice to the shareholders of the company for passing necessary resolutions through postal ballot for the said object.
Shares of the company closed at Rs 151.20, up 0.23 per cent on BSE
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