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Mr Kiran Mehta, (right) CMD, Varun Industries Ltd with Mr Kailash Agarwal, joint Managing Director, Varun Industries Ltd, at a press conference to announce the company's IPO in Mumbai on Tuesday. - Paul Noronha

Our Bureau

Mumbai, Oct. 16

Varun Industries Ltd, the largest exporter of stainless steel kitchenware and houseware items, proposes to enter the capital markets with an IPO of 90 lakh equity shares with an issue price of Rs 60 of face value Rs 10 each aggregating to Rs 54 crore. The issue opens on October 25 and closes on October 31.

Out of the 90-lakh equity shares, 24.30 lakh shares are allotted to the promoters, 32.85 lakh shares to non-retail investors and the remaining to retail investors. The net issue of would comprise 29.71 per cent of the post-issue paid-up capital of the company.

The company plans to use the funds raised to meet the expenditure for brand building in the domestic market and to meet working capital requirements.

IDBI Capital Market Services Ltd is the lead manager and Indbank Merchant Banking Services Ltd is the co-lead manager.

More Stories on : IPOs | Home Appliances

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