Rishabhdev Technocable, a cable manufacturing and trading company is entering the capital market with its initial public offer of 90,00,000 equity shares of Rs 10 each. The issue will open on June 4, 2009 and close on June 9, 2009. The price band is fixed at Rs 29-33 per share.The issue comprises a promoters contribution of 21,45,500 equity shares and a net issue to the public of 68,54,500 equity shares. The net issue to the public would constitute 46.66% of the fully diluted post-issue equity share capital of the company.
The existing equity shares of the company are listed for trading on the Pune Stock Exchange (PSE) and the Jaipur Stock Exchange (JSE). The fresh issue of shares of the company are also proposed to be listed on the Bombay Stock Exchange.
The company is expanding into manufacturing of Power and Control Cables on a major level. The objects of the issue include amongst others, expansion cum modernization of existing manufacturing facilities at Daman and setting up new facilities for manufacturing of Control and Power Cables at Daman and Silvassa respectively.
The book running lead managers to the Issue are IDBI Capital Market Services Limited and PL Capital Markets Private Limited.
Source: moneycontrol.com
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