Bang Overseas, a provider of fashion fabrics and ready-to-wear requirements in apparel, textile and retail segment, has opened for subscription with an initial public offering (IPO) of 3,500,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will constitute 25.81% of the post-issue paid-up capital of the company.
The issue will close for subscription on January 31, 2008. The price band has been fixed between Rs 200 and Rs 207 per equity share.
The issue comprises a net issue of 3,400,000 equity shares of Rs 10 each after a reservation for eligible employees of 100,000 equity shares of Rs 10 each for cash at a premium. The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
The proceeds from the proposed issue are to be deployed for setting up retail outlets across India; brand building; setting up a new apparel manufacturing unit; warehousing and logistic facilities; general corporate purposes and to meet Issue expenses.
The book running lead manager to the Issue is Almondz Global Securities Ltd.
Source: Moneycontrol.com
Monday, January 28, 2008
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