UPDATE 1- Birla Cotsyn to raise 1.44 bln rupees via IPO

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NEW DELHI, June 24 (Reuters) - Textile maker Birla Cotsyn (India) Ltd is looking at raising 1.44 billion rupees through an initial public offering in the price band of 15 to 18 rupees per share, it said in a statement on Tuesday.

The Mumbai-based firm is an equal joint venture between diversified Yash Birla group, which includes firms like Zenith Birla (ZNTH.BO: Quote, Profile, Research), Birla Power Solutions (BRLY.BO: Quote, Profile, Research), Birla Precision (BRLK.BO: Quote, Profile, Research) and textile firm P.B. Bhardwaj group.

The proceeds from the offering, which will constitute about 64 percent of the firm's equity, will be used to expand its integrated textile projects, set up a garment manufacturing plant and retail outlets, Birla Cotsyn's Chief Executive Officer K.K. Baheti told a news conference.

Although a slide in the Indian stock market this year has led to a fall in funds raised through IPO, Co-Chairman Yash Birla said he was confident that medium and long term investors will invest and benefit.

"Textile industry is stable rock solid industry. We are looking at long term prospects," he said.

AllBank Finance, a unit of Allahabad Bank (ALBK.BO: Quote, Profile, Research), is the book running lead manager for the issue, which opens on June 30 and closes on July 4. (Reporting by Rakesh Sharma; Editing by Prem Udayabhanu)