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Thursday, February 08, 2007

Oriental Trimex IPO opens for subscription

The New Delhi-based Oriental Trimex, engaged in marble and granite business, is open for subscription with an IPO through a book-building process to raise between Rs 35 crore and Rs 40 crore for its ongoing expansion plans.

The issue will close on 14. The public issue is of one crore equity shares of Rs 10 each at the price band of Rs 40-48 per share.

The post-issue equity capital will be of Rs 15.50 crore with promoters' stake at 39.37%.

The book running lead manager to the issue is Allianz Securities and lead manager is Canara Bank.

An ISO 9001-2000 certified company engaged in the business of cutting, polishing and processing of imported and indigenous marble, trading of decorative stones, including granite. The company registered a turnover of Rs 52 crores as on March 31, 2006 and as on December 15, 2006, the company has already attained the turnover of Rs 53 crores.

In order to tap the market, Oriental is expanding the existing 12,600-tonne marble processing unit at Greater Noida and setting up new units with similar capacities at Kolkata and Bangalore. Besides, it has secured lease of two granite quarries of green and blue granite in Orissa, having an estimated mine-able deposits of Rs 452 crore, where operation and extraction of material has commenced.

The company is also acquiring additional mining equipment, setting up a new granite processing unit at Balasore (Orissa) and retail marketing outlets New Delhi and installation of equipment at Chennai outlet.


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