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Mumbai Feb. 1 Lawreshwar Polymers Ltd, manufacturer of the Lehar brand of footwear, plans to entering the capital market with an initial public offer of 87,12,500 equity shares of Rs 10 each for cash at a premium of Rs 6. The company proposes to raise about Rs 13.94 crore for its expansion.

The expansion includes installation of four moulding machines and opening five showrooms in different parts of the country.

"We will also be setting up a new corporate office in Jaipur," said Mr Naresh Agarwal, Executive Director, Lawreshwar Polymers.

Out of the total 87.12-lakh equity shares, 62 lakh shares will be on offer to the public. Post issue, the promoters' 100 per cent share in the company would come down to 54.31 per cent.

"The company would raise Rs 10 crore from the public. About Rs 3.94 crore would be the promoter's share and UTI Bank would be giving a term loan of Rs 5 crore," said Mr Rajendra Kanoongo, President, Ashika Capital Ltd. Ashika Capital is the lead manager for the issue and Bigshare Services Private Ltd is the registrar.

The issue opens on February 5 and closes on February 8.

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