The Offer for Sale, which is expected to hit the market in September this year, will constitute 25 per cent of the post paid-up equity share capital of the company.
    
"Our PE investor Samara Capital has decided to divest 9.5 per cent stake and promoters will dilute 15 per cent stake through offer for sale," Monte Carlo Executive Director Sandeep Jain told reporters in Mumbai.
    
In June 2012, Samara Capital, a Mauritius based India focused private equity firm, through its affiliate, KIL, acquired a stake in MCFL and currently holds 18.51 per cent of the pre-Offer capital of the company acquired at an investment amount aggregating to Rs 175 crore.
    
KIL will hold 9.04 per cent after selling 20,58,026 equity shares in public issue.
    
The company expects that the listing of the equity shares will enhance visibility and brand image among existing and potential customers and provide liquidity to the existing shareholders, Jain said.
    
Launched in 1984 as an exclusive woollen brand by Oswal Woollen Mills Ltd (OWML), Monte Carlo, Jain said will continue to focus on the growth of its cotton and cotton-blended apparel to establish pan-India presence.
    
"As part of our growth strategy, the company has a target of establishing 275 'Monte Carlo exclusive brand outlets' by the end of fiscal 2017. We seek to penetrate further in the western and southern regions of India," he said.
    
He said they will continue to focus expansion in tier-I cities in north India, alongside focusing expansions in tier-II cities in north, east and central India and tier-I cities of south and west India by opening additional 'Monte Carlo Exclusive Brand Outlets.
    
Jain said they are also open to strategic investments and acquisitions of businesses in the apparel industry may act as an enabler of growing business.
    
"We believe that the efforts at diversifying into new segments of the branded apparel industry or new markets can be facilitated by investing in similar business opportunities or making acquisitions of existing brands," he said.

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