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Wednesday, December 27, 2006

House of Pearls Fashions makes pre IPO placement

House of Pearls Fashions, HOPF has made a pre IPO placement to Lesing Mauritius. Lesing is led by investment from UK based multi millionaire of Indian origin Tom Singh.

The deal, which is worth a modest Rs 9 crore, is a part of the fund raising programme of the ready-to-wear apparel company, reports The Economic Times.

Lesing would be picking about 1.35 lakh shares at a price of Rs 660 per share. Pursuant to the pre IPO deal the number of equity shares to be issued to the public in the IPO would get reduced from the proposed issue size.

As per the draft filed with Sebi the company was to issue 61.2 lakh shares constituting 34.21% of fully diluted post issue equity share capital of the company assuming the green shoe option is fully exercised.

The lead investor in Lesing is Tom Singh, one of the wealthiest businessman in Britain, who founded New Look chain of high street shops. It operates more than 750 stores in Europe spread across UK and France among other markets. It is primarily known of retailing clothing, lingerie and shoes.


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