Financial Daily from THE HINDU group of publications
Friday, Feb 17, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 17, 2006 |
|
|
|
|
|
|
|
Corporate
-
New Projects Markets - IPOs Nitco Tiles to expand manufacturing facilities with IPO funds Our Bureau
Chennai , Feb.16 NITCO Tiles will use the money raised through its initial public offering (IPO) to expand its manufacturing facilities and enter the wall tiles segment through an acquisition or a green field project. It will also install windmills to reduce power costs, said the company's Managing Director, Mr Vivek Talwar. Nitco will issue one crore equity shares in the price band of Rs 140 to Rs 168. The issue opens on February 22 and closes on February 27. Mr Talwar said that the expansion would result in a 60 per cent increase in floor tile manufacturing capacity. He said that Nitco is looking at one or two companies for a possible acquisition to enter the wall tiles segment. Failing that, an investment of up to Rs 37 crore would go into setting up a manufacturing facility. The company plans to install six wind turbines of 1.25 megawatts each in Maharashtra at an average cost of Rs 6.3 crore. Subsequently, the company will enter into a power purchase agreement with the Government, he said. As for the IPO, 50 per cent of the net offering to the public has been reserved for allocation on a proportionate basis to qualified institutional buyers. Up to 15 per cent will be available for proportionate allocation to non-institutional investors and 35 per cent will be available for allocation to retail investors on a proportionate basis.
More Stories on : New Projects | IPOs | Ceramics
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|