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Wednesday, January 20, 2010

Thangamayil Jewellery IPO to open on Jan 27

Thangamayil Jewellery is coming out with an initial public offering (IPO) of Rs 28.75 crore on January 27, 2010. The price band for the issue has fixed at Rs 70-75 per equity share. The issue will close on January 29.

The company intends to use issue proceeds for expansion of existing business by establishing retail outlets at Tuticorin, Dindigul, Theni, Nagercoil, Tirunelveli, Kovilpatti and Sivakasi, and for renovation of the existing outlet at Madurai; working capital requirement and issue expenses.

For the year ended March 31, 2009, it has reported 10% jump in its net sales of Rs 246.84 crore and net profit of Rs 7.49 crore.