The Hindu Business Line : Oriental Trimex IPO opens on Feb 8

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Ahmedabad Jan. 30 The New Delhi-based Oriental Trimex Ltd, engaged in marble and granite business, will enter the capital market with an IPO through a book-building process to raise between Rs 35 crore and Rs 40 crore for its ongoing expansion plans. The issue will open on February 8 and close on 14, according to its Managing Director, Mr Rajesh Punia, here. The public issue is of one crore equity shares of Rs 10 each at the price band of Rs 40-48 per share. The post-issue equity capital will be of Rs 15.50 crore with promoters' stake at 39.37 per cent.

The book running lead manager to the issue is Allianz Securities Ltd and lead manager is Canara Bank.

Company details

An ISO 9001-2000 certified company engaged in the business of cutting, polishing and processing of imported and indigenous marble, trading of decorative stones, including granite, the company expects to double its turnover to Rs. 51 crore this fiscal.

Realty to grow

He said the Indian realty business is expected to grow from the current $12 billion to $50 billion by 2010 and with the Commonwealth Games (2010) necessitating construction of hotels and other structures, the demand will increase manifold in the next few years, he said. In order to tap this market, Oriental is expanding the existing 12,600-tonne marble processing unit at Greater Noida and setting up new units with similar capacities at Kolkata and Bangalore. Besides, it has secured lease of two granite quarries of green and blue granite in Orissa, having an estimated mine-able deposits of Rs 452 crore, where operation and extraction of material has commenced.

The company is also acquiring additional mining equipment, setting up a new granite processing unit at Balasore (Orissa) and retail marketing outlets New Delhi and installation of equipment at Chennai outlet.

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Oriental Trimex IPO opens on Feb 8