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Thursday, February 01, 2007

Euro Ceramics plans to enter capital

Euro Ceramics, a player in the ceramics and aluminium extruded sections domain, is entering the capital market with an initial public offering, IPO of 56.21 lakh equity shares of Rs 10 each.

The price band has been fixed at Rs 150-180 per share . The issue opens on February 7 and closes on February 13, reports The Hindu Business Line.

Of the 56.21 lakh equity shares, 1.21 lakh equity shares have been reserved for employees, reducing the net offer to 55 lakh equity shares, said a company release. It will use the proceeds to part finance the setting-up of manufacturing facilities for sanitary ware products at Bhachau, Kutch.

"The total cost for setting-up of the facility is about Rs 77 crore," said Nenshi L Shah, MD, said at a news conference.

The net issue to the public will constitute 32.16% of the fully diluted post IPO paid-up capital of the company. About 50% of the net issue to the public will be available for allocation to qualified institutional buyers on a proportionate basis (of which 5% shall be allocated for mutual funds only).

About 15% of the net issue will be available for allocation on a proportionate basis to Non-institutional bidders and about 35% of the net issue to the public will be available for allocation to retail individual bidders.

The book-running lead managers to the issue are UTI Securities and Enam Financial Consultants.

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