Synthetic fabric maker Borana Weaves’ IPO subscribed 149 times

The initial public offer (IPO) of Surat-based Borana Weaves, which produces unbleached synthetic grey fabric, was subscribed 148.77 times. Out of the proceeds from the fresh issue, Rs 71.35 crore will be used to finance the cost of establishing a new manufacturing Unit to expand its production capabilities to produce grey fabric at Surat, Rs 26.50 crore to fund incremental working capital requirement and the balance towards general corporate purposes.