Financial Daily from THE HINDU group of publications
Tuesday, Apr 04, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 04, 2006 |
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Markets
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IPOs Our Bureau
Mumbai , April 3 Lokesh Machines is entering the capital market with an initial public offering to raise around Rs 40 crore. The issue of 30,00,000 shares of Rs 10 each at a price band of Rs 130-140 per share opens on April 7 and closes on April 13. The company proposes to list its shares on both the BSE and NSE. The company, engaged in designing, developing and manufacturing special purpose machines and computerised numerical control (CNC) machines, plans to use the proceeds of the issue to partly fund its expansion, modernisation plans and working capital requirements of the company, estimated at Rs 47 crore. An additional amount of Rs 8 crore will be funded from bank loans. As part of its expansion plans, the company proposes to set up a facility to be used exclusively for production of cylinder blocks and cylinder heads for Ashok Leyland, for a 3-year period. Also in the pipeline is a modernisation project for the upgradation of existing facilities for manufacturing CNC machine tools for the export markets in Japan, Europe and the UAE. The company's clients comprising Mahindra & Mahindra Ltd, Bharat Forge, Ashok Leyland and Everest Kanto Cylinder, account for its majority sales.
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