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Thursday, November 22, 2007

V- Guard Industries files IPO papers with Sebi

V-Guard Industries, a company engaged in the manufacturing and marketing of electrical and electronic products based in Kerala proposes to tap the capital market with an initial public offer (IPO).

V-Guard proposes to use the proceeds from the IPO primarily for setting up of facilities for Cable manufacturing in Coimbatore and Uttranchal, setting up of Enameling plant at Coimbatore, setting up Development and Pilot Production Plants for water heaters, Fans and Pumps at Himachal Pradesh and Coimbatore, for setting up Service and Distribution Centres at Bangalore, Hubli and Vijaywada.

V-Guard has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on November 20, 2007 to raise funds from the capital markets.

V-Guard Industries Limited is engaged in the manufacturing and marketing of Electronic Voltage Stabilizers, Monobloc, Jet, Submersible, Compressor pumps and Electric Motors, Insulated Electrical Cables (House Wiring, Industrial), Electric Storage and Instant Water Heaters, Solar Water Heaters, UPS, Electric Fans and is also in generation of Power in a small way. The products are sold through a network of over 7000 retail dealers and 105 distributors Pan India.

The total sale of the company for the year ending March 31st, 2007 is Rs. 222.27 crore.

The company proposes to offer 80,00,000 equity shares of Rs. 10 each at a premium to be decided through a 100% book building process out of which 4,00,000 equity shares have been reserved for Eligible Employees of the Company. The net offer to public to the public shall be 76,00,000 equity shares of Rs.10 each.

The issue will constitute 26.80% of the fully diluted post issue paid-up capital of the Company and the net issue to public will constitute 25.46% of the fully diluted post issue paid –up capital of the Company.

The book running lead manager to the issue is Anand Rathi Securities Ltd and the Registrar to the issue is Intime Spectrum Registry Ltd.

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