Bannari Amman Spinning Mills Ltd (BASML), part of the Rs 1,200 crore Bannari Amman group, is foraying into the home furnishings and garments sector. ‘‘We want to be an integrated player in the textile industry and gradually move to the high end of the value chain,’’ said S V Arumugam, managing director of Bannari Amman Spinning Mills Ltd, while addressing a press conference in Chennai. The Coimbatore-based company, a cotton yarn manufacturer, is implementing a major expansion programme with a capital outlay of around Rs 290 crore. The company is proposing to add 75,600 spindles to its spinning capacity of 29,232 spindles to reach 1,04,832 spindles. To part-finance its
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| expansion project, BASML is entering the capital market with a public issue of 70 lakh equity shares of Rs 10 face value per share. The issue, meant to fund the expansion plans, will be through book-building process. The draft red herring prospectus was filed with SEBI on August 22. The book-running lead managers to the issue are IL&FS Investsmart and ICICI Securities and the registrar is Intime Spectrum Registry. The company's net profit showed compounded annual growth of 47.1 per cent to touch Rs 11.53 crore in 2004-05 from Rs 3.62 crore in 2001-02. During the same period, total income increased to Rs 75.62 crore from Rs 60.47 crore at a CAGR of 7.7 per cent. Exports of yarn accounted for 24 per cent of turnover in 2004-05. 
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