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Tuesday, April 24, 2007

Uma Precision files for IPO with SEBI

Uma Precision (UMA), an ISO-TS-16949-2002 certified company, has filed its draft red herring prospectus (DRHP) with SEBI for entering the capital market with its initial public offering (IPO) of 40,00,000 equity shares of Rs 10 each for cash at a premium, including an employee reservation of 1,00,000 equity shares.

The issue will be conducted through 100% book building process and the net issue to the public would constitute 27.12% of the fully diluted post-issue paid-up capital of the company.

The objects of the issue are to part-finance the new upcoming projects of, Bright Bar Manufacturing, Cold Forging, CNC Machines, Delta Industrial Surface Coating Plant and New Manufacturing plant at Pant Nagar, Uttaranchal. The cost of the project would be approximately Rs 9136 lakh.

Uma Precision is a leading manufacturer and exporter of precision assemblies, systems and machined parts for auto and electrical industry. UMA manufactures more than 1000 different components for auto and electrical industries. The object of the company is to manufacture precision assemblies, systems, automotive and electrical components. UMA supplies auto components to major OEMs in India and also exports to USA, Germany and UAE.

Uma has two subsidiaries, Gera Auto Industries Private Limited (GERA) and Kontak Comfort Private Limited (KCPL). GERA is into same line of business as that of Uma while KCPL is into the business of Rubberized Coir Foam Mattresses and has six retail outlets.

Upto 50% of the net issue to the public shall be available for allocation on a proportionate basis to qualified institutional buyers. Atleast 15% of the net offer to the public shall be available for allocation on a proportionate basis to non - institutional bidders and atleast 35% of the net offer to the public shall be available for allocation on a proportionate basis to retail bidders.

The book running lead manager to the issue is Karvy Investor Services. The shares will be listed at the Bombay Stock Exchange and National Stock Exchange.

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