Indian IPO

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Thursday, January 01, 2009

Texmo Pipes and Products proposes an IPO to fund expansion

Texmo Pipes and Products Limited, presently engaged into manufacturing of PVC and HDPE pipes, proposes the expansion of product range and setting up of manufacturing facilities for injection mouldings/fittings and woven sacks.

To fund this expansion plan, the Company proposes to enter the Capital markets with a public issue of 50,00,000 Equity shares of Rs 10 each through 100% book building process. The Issue would constitute 44.37% of the fully diluted post issue paid-up capital of the Company. Almondz Global Securities Ltd is the Book Running Lead Manager for the Issue and Karvy Computershare Pvt Ltd is the registrar.

Texmo Pipes and Products Limited has two production units at Burhanpur in Madhya Pradesh, where it manufactures PVC and HDPE pipes to meet the requirements of application in irrigation, agriculture, potable water supply schemes, sewerages and drainage systems, construction industry, telecom industry and bore/tube well for underground water suction.

Some of its clients during the financial year 2007-08 were Idea Cellular, Reliance Communication Infrastructure Ltd., and Videsh Sanchar Nigam Ltd. With the increase in demand for various types of pipes, the Company intends to expand its product range by venturing into manufacturing of CPVC, DWC and drip in-line pipes. Also in order to facilitate its clients with accessories for the pipes, it plans to venture into manufacturing of injection mouldings/fittings. The Company also intends to diversify in the manufacturing of woven sacks.

Great Eastern Energy Corporation Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India.

Great Eastern Energy Corporation Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India.

The company is in the business of exploration, development, production, distribution and sale of natural gas from coal seams, commonly known as CBM.

IPO details

Great Eastern Energy expects to enter the capital market with an initial public offering of up to 9.13 crore equity shares of Re one each for cash.

The price would be determined through a 100 per cent book building process.

The issue would constitute approximately 15.45 per cent of the fully diluted post-issue paid-up capital of the company.

The equity shares are proposed to be listed on both the Bombay and National stock exchanges.

The company’s Global Depository Receipts are listed on the Alternative Investment Market of the London Stock Exchange.

The company currently produces CBM from its block, which spans an aggregate area of 210 square kilometres.

The block situated in Raniganj, West Bengal, has an estimated 1.92 trillion cubic feet of gas-in-place (according to a report issued by Netherland, Sewell & Associates, Inc., on June 1, 2007).

The book running lead managers to the issue are Enam Securities, ABN AMRO Asia Equities (India) Ltd and SBI Capital Markets Ltd, reports The Hindu Business Line.