Sutlej Textiles and Industries Ltd, a KK Birla Group company, got listed on the Bombay Stock Exchange and National Stock Exchange on Thursday, with a listing price of Rs 161.15 a share on the BSE.
The company was created as part of a corporate restructuring process, under which the textile businesses of Sutlej Industries Ltd (SIL) and Damanganga Processors Ltd were de-merged into Sutlej Textiles last year.
It is currently undertaking various capital projects of around Rs 487 crore in the areas of spinning and captive power generation.
These projects will be financed by internal accruals and assistance from banks and financial institutions under the Technology Upgradation Fund scheme, under which an incentive is given by way of a five per cent interest reimbursement.
Sutlej Textiles has a spinning capacity of 1.63 lakh spindles in its two spinning units at Bhawanimandi (Rajasthan) and Kathua (J&K).
It has the capacity to produce 4.8 million metre fabric per annum, a processing capacity of 18 million metre per annum and a capacity to make 1.8 million metre per annum of home textiles.