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Thursday, December 28, 2006

Nitin Fire Protection files DRHP with Sebi

Nitin Fire Protection Industries is broadly focused in two areas one is fire protection, safety and security, including intelligent building management systems and second one High Pressure Seamless Cylinders and Refueling Systems. The company has filed its draft red herring prospectus, DRHP with the Securities & Exchange Board of India, Sebi to enter the capital market with its initial public offering of equity shares, as per press release.

The company proposes to issue 38,50,000 equity shares o Rs 10 each for cash at a premium to be decided through the book-building process. Of this, the company has proposed to reserve 1,50,000 equity shares for allotment to eligible employees and the net offer to public would thus be reduced to 37,00,000 equity shares.

The net issue will constitute 29.37% of the post-issue paid-up capital of the company.

Of the net issue to public, upto 50% shall be allotted to qualified institutional bidders, of which upto 5% shall be reserved for allotment to mutual funds only. Further, upto 15% of the offer shall be reserved for allocation to non institutional bidders and atleast 35% shall be available for allocation to retail individual bidders.

Karvy Investor Services and UTI Securities are the book running lead managers to the issue

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