Meenakshi (India) Ltd, a Chennai-based apparel exporter, is preparing for a direct listing on the BSE in June as it seeks to enhance visibility and position itself for future growth despite continuing uncertainty in global textile markets.
The nearly four-decade-old company, which supplies casual bottoms, shorts and jackets to premium international retailers such as Nordstrom and brands including GANT, Lyle & Scott and John Varvatos, is currently listed on the Calcutta Stock Exchange, where trading activity has remained limited.
“We are technically already a listed company. This is a direct listing and not an IPO,” said Ashutosh Goenka, Chairman and Managing Director of the company. He added that the company does not plan to dilute promoter stake or raise fresh capital through the market at present.
The promoters hold around 71 per cent stake in the company, while the remaining shares are owned by public investors, corporates and high-net-worth individuals. The company said it remains largely debt-free except for working capital borrowings, most of which are currently unutilised.
The proposed BSE listing comes at a time when apparel exporters are facing pressure from uncertainty over US tariff policies, elevated freight costs and delayed demand recovery in Europe.
