V-Guard Industries has received good response for its initial public offer (IPO) of 80,00,000 equity shares of Rs 10 each, subscribed 2.65 times, till 4 pm as per data available on the NSE. Public issue received bids for 2.12 crore equity shares as against shares on offer.
The issue received a response from QIBs with oversubscription of 1.65 times followed by non-institutional portions with 1.76 times subscription, till yesterday.
The price band is between Rs 80-85 per equity share. The net issue to the public comprises of 76,00,000 equity shares and 4,00,000 equity shares have been reserved for the employees.
The capital raised from the issue will be deployed to set up Cable manufacturing facilities in Coimbatore and Uttaranchal, Enameling Plant at Coimbatore, Development and Pilot Productions Plants for water Heaters, Fans and Pumps at Himachal Pradesh and Coimbatore, Service and Distribution Centers at Bangalore, Hubli and Vijaywada.
Anand Rathi Securities Limited is the book running lead manager to the IPO and Intime Spectrum Registry Limited is the registrar to the issue.
The shares will be listed on Bombay Stock Exchange and National Stock Exchange of India.
V-Guard Industries is engaged in the manufacturing and marketing of Electronic Voltage Stabilizers, Monobloc, Jet, Submersible, Compressor pumps and Electric Motors, Insulated Electrical Cables (House Wiring, Industrial), Electric Storage & Instant Water Heaters, Solar Water Heaters, UPS, Electric Fans and is also in generation of Power in a small way.
Source: Moneycontrol.com
Thursday, February 21, 2008
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