Financial Daily from THE HINDU group of publications
Friday, Aug 26, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 26, 2005 |
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Corporate
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Announcements Markets - IPOs Bannari Amman Spinning to tap market for expansion Our Bureau
Mumbai , Aug. 25 BANNARI Amman Spinning Mills, part of the Coimbatore-based Bannari Amman group, which has an annual turnover of Rs 1,200 crore, 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 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. According to a press release, the company is involved with cotton yarn spinning and weaving. It wants to expand production capacity to take advantage of the post-quota regime and improve margins through value-addition. It plans to expand spinning and weaving capacity, and set up facilities for processing and manufacturing garments and home textiles. It is also increasing capacity for captive wind power generation. 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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