Business Daily from THE HINDU group of publications
Friday, June 27, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Friday, June 27, 2008 ePaper | Mobile/PDA Version |
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Update at 1715 hrs (IST)
Markets Birla Cotsyn's IPO opens next week HYDERABAD: Birla Cotsyn (India) Ltd (BCIL), a Yash Birla Group company engaged in textile manufacturing, is entering the capital market with an Rs 144.18- crore initial public offering (IPO). Proceeds from the issue would be used to fund two units that the company is setting up at its existing facilities in Maharashtra. The company has fixed a price band of Rs 15 to Rs 18 per equity share of face value of Rs 10 each. The price band is 1.5 times of the face value and the cap price is 1.8 times of the face value. The 100 per cent book-build issue opens on June 30 and closes on July 4. Speaking here today, Mr P V R Murthy, Finance Director of Birla Group said the proceeds from the issue will be utilised to set up an integrated textile unit and a garment manufacturing plant. The IPO would also fund the firm's foray into retail outlets, which it plans to set up across the country, he said. Mr Murthy said the initial promoters of BCIL had entered in a 50:50 joint venture with the P B Bhardwaj Group. The JV would enable both partners to combine their resources, expertise and carry on the business of manufacturing, marketing and distribution of the products. It also aims to tap the domestic as well as international markets, he said. - PTI
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