S Kumars to raise 3.6 bln rupees via QIP

MUMBAI (Reuters) - S Kumars Nationwide Ltd said on Monday it plans to raise 3.6 billion rupees through a qualified institutional placement (QIP) of shares.

The textiles firm also said it will be going in for an enabling resolution for 5 billion rupees.

The firm had said on July 2 it would seek an enabling resolution for placement of shares for up to 10 billion rupees.

"That has been now modified to 500 crores (5 billion rupees), but the actual QIP size was always planned to be 360 crores (3.6 billion rupees), that has not been modified," S Kumars managing director Nitin Kasliwal said.

Ahead of the announcement, S Kumars Nationwide shares ended down 6.35 percent at 33.90 rupees in a weak Mumbai market.