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Friday, September 29, 2006

Euro Ceramics files draft prospectus with Sebi

Euro Ceramics is currently engaged in the manufacturing of Vitrified Ceramic Tiles and Aluminum Extruded Sections at its manufacturing facilities located at Bhachau in Kutch District in Gujarat, as per press release.

It has filed its draft red herring prospectus with Sebi on September 28, 2006.

Euro Ceramics proposes to enter into the capital market with an issue of 56,21,500 equity shares of Rs 10 each, out of which 1,21,500 equity shares are reserved for employees.

The issue price of the equity shares will be decided through 100% book building process. The net issue to the public will constitute 32.16% of the fully diluted post issue paid-up capital of the company.

The net proceeds of the issue after deducting issue expenses will be utilized towards part financing the funds required for setting-up of manufacturing facilities for Sanitary Ware Products at Bhachau, Kutch and General Corporate Purposes.

The total cost for setting-up of manufacturing facilities for Sanitary Ware Products is about Rs. 7,693.37 lakh. The company has already signed a contract with SACMI Hong Kong Limited for supply of about 70% of the total requirement of Plant & Machinery.

The equity shares of the company will be listed on the BSE and NSE. The book-running lead managers to the issue are UTI Securities and ENAM Financial Consultants.

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