Sejal Architectural Glass IPO to open on June 9

NEW DELHI: Sejal Architectural Glass on Wednesday said it would raise up to Rs 105.73 crore through an initial public offering (IPO) that will open on June 9.

The price of the issue, which would include 91.94-lakh equity share of Rs 10 each, would be decided through 100 per cent book building process.

The price band has been set at Rs 105-115. The IPO would constitute 32.84 per cent of the fully diluted post issue paid-up equity capital of the company and the issue will open on June 9 and close on June 12.

The company proposes to list its equity shares on the National Stock Exchange and Bombay Stock Exchange.

"The company would use proceedings from IPO in setting up a manufacturing for the production of float glass with an installed capacity of 2,00,750 MT per annum at Bharuch in Gujarat," Mr Dhiraj S Gada, Joint Managing Director, Sejal Architectural Glass L td said here.

The proposed manufacturing unit would be the first Greenfield plant to be set up by the company with an investment of around Rs 430 crore. The new production unit would start commercial operations from March 2009.

Presently, the company has processing facilities for insulating, toughened, laminated glasses and decorative glass. The company has also raised around Rs 318 crore as long term debt from banks.

Setting up of the Greenfield project would be a step toward backward integration for the company and would enable it to control its cost and enhance the quality of glass used for value-added products and brands such as Kool Glass, Armor Glass, Fort Glass and Tone Glass, Mr Gada said.

The company has appointed Saffron Capital Advisors Pvt Ltd as the sole book running lead manager to the issue. - PTI