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Wednesday, June 18, 2008

Lotus Eye Care extends IPO to June 20, price band Rs 36-38

Lotus Eye Care Hospital has revised its IPO price band to Rs 36-38 from Rs 38-42 per share and extended by three days on the back of poor subscription. Now the issue will close on June 20, 2008 instead of today, June 17.

It has subscribed only 0.54 times as per the NSE web site. It has received total bids for 54,26,700 shares as against issue size of 1,00,00,000 shares.

The issue had opened for subscription on June 12, 2008 with a public issue of 1,00,00,000 equity shares of Rs 10 each through 100% book building process. The price band is between Rs 38 to Rs 42 per equity share of Rs 10 each.

The issue will constitute 48.09% of the fully diluted post issue paid-up equity share capital of the company.

Keynote Corporate Services Ltd is the BRLM and Canara Bank Merchant Banking Division is the co-lead manager for the issue and S.K.D.C. Consultants Ltd is the registrar to the issue.

The company proposes to utilise the net proceeds of the issue to part finance its Rs 5500 lacs expansion plan. The plan covers expansion of existing facilities and establishment of new centers with latest technology. To fund this plan, Lotus expects to raise Rs 4200 lakh through the public issue, it has tied up Rs 999.54 lakh of term loans from banks and raises remaining Rs 300.46 lakh through internal accruals.

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