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

Popular posts from this blog

IOB capitalises on hike in stake by LIC

-
Indian Overseas Bank rose 1.53% to Rs 46.45 at 10:31 IST on BSE, after the biggest domestic instutional investors Life Insurance Corporation of India hiked its stake in the state-run bank. The bank made this announcement after trading hours on Wednesday, 25 March 2009. Meanwhile, the BSE Sensex was up 126.19 points, or 1.31%, to 9,794.09. On BSE, 31,003 shares were traded in the counter. The stock had an average daily volume of 1.93 lakh shares in the past one quarter. The stock hit a high of Rs 47 and a low of Rs 45.95 so far during the day. The stock hit a 52-week high of Rs 156.80 on 2 May 2008 and a 52-week low of Rs 37.55 on 9 March 2009. The mid-cap bank stock had underperformed the market over the past one month till 25 March 2009, falling 3.17% as compared to the Sensex's 8.60% rise. It had also underperformed the market in the past one quarter, declining 33.94% as compared to the Sensex's 1.04% rise. The bank's current equ The current price of ...
Read more

Lok Housing & Constructions builds on fund raising plans

-
Lok Housing & Constructions jumped 6.99% to Rs 107.90 at 11:20 IST on BSE ahead of a board meeting to consider fund raising options from both foreign and local market, including an institutional placement. Meanwhile, the BSE Sensex was down 50.50 points, or 0.30%, at 15203.73. On BSE, 1.86 lakh shares were traded in the counter. The scrip had an average daily volume of 4.74 lakh shares in the past one quarter. The stock hit a high of Rs 115 and a low of Rs 102 so far during the day. The stock had a 52-week high of Rs 390.50 on 1 January 2008 and a 52-week low of Rs 96.25 on 12 June 2008. The scrip had underperformed the market over the past one month till 12 June 2008, falling 26.55% compared to the Sensex's 10.18% decline. It had also underperformed the market in the past one quarter, falling 31.39% compared to Sensex's 3.24% fall. The small-cap housing projects developer has an equity capital of Rs 42.88 crore. Face value per share is Rs 10. The current...
Read more

economic times picks

-
CMP: Rs 70.50 Target Price: Rs 90 CLSA Asia-Pacific Markets maintains an 'outperform' on Jagran Prakashan, with a 12-month price target of Rs 90. "An economic slowdown notwithstanding, improving literacy and income levels in Hindi heartland imply that drivers for Jagran's growth are still in place. With a 35% ad rate hike in 2008, Jagran continues to narrow the gap with its more expensive English rivals," the foreign brokerage said in a client note, after a Q&A reply from the management. "Rising newsprint prices have made Jagran cautious on launching new editions in FY09 and its focus this year will be profitability. While management has budgeted for a minor increase in FY10 newsprint prices, it believes that prices are likely to peak in Q2FY08 and decline thereon," it added. Neyveli Lignite CMP: Rs 117.15 Target Price: Rs 160 MERRILL Lynch has maintained its 'neutral' rating on Neyveli Lignite, with a price target of Rs 160 ...
Read more