Business Daily from THE HINDU group of publications
Tuesday, Sep 02, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Sep 02, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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IPOs
Mr Chandresh S. Parikh (left), Chairman and Managing Director, 20 Microns Ltd, with Mr Vishnu Varshney, Director, at a press conference to announce the IPO in Mumbai on Monday. — Our Bureau Mumbai, Sept. 1 20 Microns, a company into the business of micronised minerals and a manufacturer of ultra-fine minerals for paint and plastic industries, on Monday announced that it would be entering the capital market with an IPO on September 8. The company will be offering 43.5 lakh equity shares of Rs 10 each and the price band has been fixed between Rs 50 and Rs 55. The issue will close on September 11. The issue will constitute an offer for sale of 26.75 lakh equity shares by Gujarat Venture Capital Fund 1995 and a fresh issue of 16.75 lakh equity shares. Up to 2.17 lakh equity shares will be reserved for eligible employees. The company plans to raise Rs 21.75 crore at the lower price band and Rs 23.93 crore at the upper price band. The issue will constitute 30.81 per cent of the company’s post issue paid up capital. The shares of company are proposed to be listed on the NSE and the BSE. The proceeds from the fresh issue will be used to finance the company’s ongoing expansion plans of its manufacturing capacities at Haldwani, Udaipur, Vadadla, Bhuj and Tirunelveli. The company will also use the proceeds to invest in the sub-micron particle sizes required by end-market and general corporate purposes. The sole Book Running Lead Manager to the issue is Keynote Corporate Services Ltd. More Stories on : IPOs | Chemicals | Paints
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