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Sri Lanka textile firm to raise Rs1.2bn in July IPO

June 20, 2011 (LBO) - Textured Jersey Lanka, a Hong Kong Sri Lanka joint venture textile firm said it is raising 1.2 billion rupees in an initial public offer by selling 80 million shares at 15 rupees.

In April the firm said it raised 1.74 billion rupees through a private placement. The Colombo Stock Exchange said it had given the nod for the sale to open on July 07.

The firm is a joint venture between Hong Kong listed Pacific Textile Holdings and Sri Lanka's Brandix, a private firm.

Textured Jersey can knit, dye and finish 2.5 million metres of fabric a month at its facilities in Avissawella in Sri Lanka.

Textured Jersey makes knitted fabrics for lingerie and sportswear industries. Amongst its largest clients are Victoria's Secret, Marks & Spencer and Intimissimi.