Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, is open for subscription with a public issue of up to 15,500,000 equity shares of Rs 2 each for cash at a price band of Rs 140 to Rs 160 per equity share.
The issue will close for subscription on December 19, 2007. After allowing for reservation of up to 100,000 equity shares for the company's eligible employees, the net issue to the public will be up to 15,400,000 equity shares.
The total issue would constitute 22.29% and net issue 22.15% of the fully diluted post issue paid up capital of the company, respectively.
The company intends to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
It has fifteen manufacturing units in India and three abroad; two in Nigeria and one in Ghana. The company's business can be categorized into (a) metal products; (b) packaging products; (c) mosquito coils; and (d) engineering and others.
Source: Moneycontrol.com
Monday, December 17, 2007
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