The Hindu Business Line : Nandan Exim IPO to hit market on May 12

The company, which is offering a share of Rs 10 face value at a premium of Rs 10, plans to raise Rs 12 crore from the markets. The proceeds will be used for its foray into denim and cotton fabric production, according to the Group Chairman, Mr Ved Prakash Chiripal.

The company's 20-lakh metre per month facility is likely to go on stream by June 15. The company has already spent Rs 32 crore out of the total proposed investment of Rs 63 crore. Post-IPO, the promoters' holding in the company would come down to 56 per cent. It has already installed 80 looms at its plant on the outskirts of Ahmedabad and another 16 looms are on their way. The company is also importing a 10 lakh metres per month denim dying and sizing plant from Sucker Muller of Germany.

Nandan Exim hopes to export at least 60 per cent of its total production directly or in finished form. The promoters of Nandan Exim will chip in with about Rs 12 crore as promoters' contribution while an equal amount would be raised through the IPO. The company has already tied up with a State Bank of India-led consortium for the debt component of Rs 38.83 crore, Mr Chiripal said.

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