ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Sri Lakshmi Saraswathi

EPW Research Foundation Sri Lakshmi Saraswathi PRESENTLY engaged in the manufacture of different varieties of cotton and synthetic blended yam for the local as well as export market, Sri Lakshmi Saraswathi Textiles (Ami) (SLST) now plans to set up a'new spinning unit in Tamil Nadu with a complement of 6,048 spindles. The company also plans to invest up to Rs 2 crore in Sri Tripurasundari Hotels (STH) which has a technical tie-up with Southern Pacific Hotels, Australia. STH which has been promoted by the promoters of SLST is setting up a three-star hotel with 129 rooms and other need-based facilities in Madras. To part finance the above projects as also to meet its long-term working capital requirements, SLST plans to tap the capital market with a public issue of 16,66,000 equity shares of Rs 10 each at a premium of Rs 30 per share. The issue which will open for subscription on May 20 will be lead managed by IFCI and Indian Overseas Bank. The new spinning unit will have no gestation period as trial production has already commenced and full level production is expected to be achieved in June this year.

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