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Friday, August 29, 2008

20 Microns IPO opens on Sept 8

20 Microns, a pioneer and leader in the micronised minerals and trend setter in the market for usage of ultrafine minerals for the Paints & Plastic Industries, proposes to enter the capital markets on September 8, 2008 with a public issue of 43,50,632 Equity shares of Rs 10 each through 100% book building process. The IPO will close on September 11, 2008. The company has fixed the price band between Rs 50 and Rs 55 per equity share.

The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and an offer for sale of 26,75,632 equity shares by Gujarat Venture Capital fund 1995. Up to 2,17,532 equity shares will be reserved for subscription by eligible employees. The issue will constitute 30.81% of the post issue paid up capital of the company. The issue has been graded by the Credit Analysis & Research (CARE) and has been assigned the IPO Grade 3 indicating Average Fundamentals.

The company intends to utilize the proceeds of the fresh issue in the IPO towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.

The equity shares are proposed to be listed on Bombay Stock Exchange Ltd. and National Stock Exchange of India Ltd.

The book running lead manager is Keynote Corporate Services Limited.

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