Financial Daily from THE HINDU group of publications
Friday, Dec 16, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 16, 2005 |
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Markets
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Public Offer Ginni Filaments public issue opens on Dec 19 Our Bureau
New Delhi , Dec. 15 COTTON yarn and knitted fabrics manufacturer Ginni Filaments Ltd will tap the capital market with a 100 per cent book-built public issue opening on December 19. The funds from the issue will be used to expand operations and to set up a garment manufacturing unit at Faridabad. "The price band will be announced a day ahead of the opening of the issue," Mr Shishir Jaipuria, Managing Director of the company, said. The issue will comprise promoters' contribution aggregating Rs 12 crore and a net offer to the public aggregating Rs 48 crore. It will close on December 23. The funds will be used to finance the Rs 204.24-crore project, including de-bottlenecking of the existing open-end spinning capacity, expansion of the ring spinning capacity and manufacture of non-woven fabrics at the company's existing plants at Chhata in Uttar Pradesh and Panoli in Gujarat. The project cost for the manufacturing base in Faridabad will be Rs 8 crore with a capacity of making 52 lakh pieces of undergarments per year. Production will begin in April 2006. Ginni Filaments is a 100 per cent export-oriented unit (EOU) and in the first half of this year ending September 30, the company earned a net profit of Rs 4.17 crore on an income of Rs 97.09 crore.
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