The Hindu Business Line : Nandan Exim plans Rs 12-cr IPO

MUMBAI: Nandan Exim Ltd is entering the capital with an initial public offer to raise Rs 12 crore from the market to finance its capacity expansion. It will issue 60 lakh shares of Rs 10 each at a premium of Rs 10. The issue will open on May 12 and close on May 20.

Post-issue, the promoters will hold 56.83 per cent of the enhanced equity capital of 1.39 crore equity shares of Rs 10 each. The issue is lead managed by Centrum Capital.

The denim facility's project cost of Rs 63.10 crore has been funded through term loans of Rs 38.83 crore from State Bank of India, Oriental Bank of Commerce and UCO Bank; Rs 3.5 crore by equity from promoters; Rs 8.7 crore through internal accruals and group company commitments.

It has already installed 80 of the 96 looms. The facility, to be operational in June 2005, will produce 140 lakh metres of denim and 104 lakh meters of grey cloth annually.

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