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Thursday, September 06, 2007

Tulsi Extrusions files IPO papers with Sebi

Tulsi Extrusions, manufacturer of PVC pipes and fabricated fittings, plans to enter capital market with an initial public offer (IPO) of 57,00,000 equity shares of Rs 10 each for cash and has filed draft red herring prospectus (DRHP) with market regulator, Sebi.

The issue comprises a reservation of 1,00,000 equity shares of Rs 10 for eligible employees and net issue of 56,00,000 equity shares. The issue would constitute 45.62% of the fully diluted post issue paid-up capital of our company.

The company proposes to utilize the net proceeds of the issue for expansion of manufacturing facilities at Jalgaon, Maharashtra at the cost of Rs 27.24 crore, meeting long term working capital requirements (Rs 12.13 crore), purchasing of branch offices (Rs 4.15 crore) and making provision for contingencies (Rs 0.29 crore). It will also use for general corporate purposes and issue expenses.

For the year ended March 2007, it has reported net sales of Rs 59.16 crore and net profit of Rs 4.53 crore.

It manufactures various types of PVC pipes and fabricated fittings. The total installed capacity as on March 31, 2007 is now 10,483 metric tonnes for PVC pipes & fabricated fittings. The company sells products under brand name “Tulsi”.

The equity shares are proposed to be listed on BSE and NSE.

Almondz Global Securities is the book running lead manager and Intime Spectrum Registry is registrar to the issue.


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