Financial Daily from THE HINDU group of publications
Saturday, Aug 27, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 27, 2005 |
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Markets
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IPOs Corporate - Announcements Talbros Automotive public issue opens on Sept 1 Our Bureau
Mr Vidur Talwar (right), Joint Managing Director, QH Talbros Ltd, with Mr Nikhil Talwar, Joint Managing Director, Talbros Automotive Components Ltd, at a press conference held in Mumbai on Friday. - Paul Noronha
Mumbai , Aug. 26 TALBROS Automotive Components Ltd is entering the capital market on September 1, with a public issue of equity shares of Rs 10 each through the book building process, aggregating Rs 50 crore. The issue closes on September 9. Promoters' contribution of equity shares amounts to Rs 2.50 crore. "The company, a manufacturer of automotive gaskets in India, is setting up a forging unit with an investment of Rs 31.82 crore to cater partly to the existing demand within the group. Further, it has entered into a joint venture with Nippon Leakless Corporation (NLK) of Japan for catering mainly to the Honda group of companies within the country and is investing Rs 4.80 crore as its share in the proposed project. "The company is also expanding its existing gasket manufacturing facility at Faridabad with an investment of Rs 9.46 crore,'' an official statement said. NLK is principal supplier of gaskets to Honda and its associates worldwide. For the year ended March 31, Talbros Automotive Components had reported a net profit of Rs 4.66 crore on sales of Rs 116 crore, the statement said. UTI Securities Ltd is the book running lead manager to the upcoming issue while Karvy Computershare Pvt Ltd is registrar.
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