Business Daily from THE HINDU group of publications
Friday, Aug 18, 2006
Business Daily from THE HINDU group of publications Friday, Aug 18, 2006 |
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Markets
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IPOs Our Bureau
GOING PUBLIC: Mr Lalit Patel (left), CMD, Voltamp Transformers Ltd, with Mr Kunjal Patel, Vice-Chairman & Joint Managing Director, at a press conference to announce the company's public issue in Mumbai on Thursday. - Paul Noronha
Mumbai , Aug. 17 Voltamp Transformers Ltd has fixed a price band of Rs 295 to Rs 345 for its proposed offer for sale of 48.8 lakh equity shares. The IPO will open on August 24 and close on August 29. Post issue, the promoters stake will come down to 51.73 per cent. "We believe the listing will enhance our visibility and also provide liquidity for our existing shareholders," Mr L.H. Patel, Chairman and Managing Director of the company, said. According to the company, 244,192 shares will be reserved for Voltamp employees, reducing the net offer to the public to 46.4 lakh shares. The company, which manufactures transformers, is planning to enter the export market, as it sees significant growth prospects for dry type transformer in the West Asia, Africa and South-East Asia. It is also planning to expand its dry type transformer market base, apart from exploring new business sectors. The lead manager for the issue is Enam Financial Consultants Pvt Ltd. For the fiscal year ended March 31, the company posted a net profit of Rs 2.34 crore.
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