Business Daily from THE HINDU group of publications
Wednesday, Aug 23, 2006
Business Daily from THE HINDU group of publications Wednesday, Aug 23, 2006 |
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Markets
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IPOs Our Bureau
KICK START: Mr Ashok Kumar, Director, KEW Industries Ltd, and Mr M.K. Doogar, Director, Chartered Capital and Investment Ltd, announcing the KEW's IPO in Mumbai on Tuesday. - Shashi Ashiwal
Mumbai , Aug. 22 KEW Industries Ltd has proposed to enter the capital market with a public issue of seventy lakh equity shares of Rs 10 each at a fixed price of Rs 30 aggregating Rs 21 crore. The company is a manufacturer and supplier of automobile components for OEMs (original equipment manufacturers) and shell bodies to the Ministry of Defence. The issue opens on August 28 and closes on September 1. Its offering constitutes 54.33 per cent of the fully diluted post-issue paid-up capital of the company. Of the total issue, 27.5 lakh equity shares have been reserved for allotment to NRIs/FIIs on competitive basis and 10 lakh equity shares for mutual funds, banks and financial institutions. Remaining 32.5 lakh equity shares will be given to the public. Proceeds from the issue will be utilised for modernisation and expansion of manufacturing facility and expansion of research and development facilities. The company intends to increase its presence across its core business area of manufacturing automotive components. The company's total income has increased from Rs 31.64 core in FY-04 to Rs 39.65 crore in FY-06 and its net profit has increased from Rs 1.74 crore to Rs 2.99 crore. The company will now concentrate on manufacturing of automobile components, which account for 70 per cent of its business.
More Stories on : IPOs | Automobile Components
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