The issue will open for subscription on August 27 and close on September 1, 2009. The issue comprises of promoters’ contribution of 12,03,894 equity shares and reservation of 5,00,000 equity shares for eligible employees. So, the net issue to the public is of 1,07,50,000 equity shares. The net issue shall constitute 43% of the post issue paid up capital of the company. At higher price of band, the company will raise Rs 93.40 crore; out of which, the promoters will receive around Rs 9 crore.
The proceeds from the issue (excluding public issue expenses) will be used for setting up a new facility for manufacturing of cotton yarn, yarn dyeing and garments and investment in subsidiaries namely Jindal Medicot & Jindal Specialty Textiles.
The issue has been graded by Brickwork Ratings India Private Limited and has been assigned a grade of 3/5 indicating average fundamentals.
Equity shares issue via IPO are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and on the National Stock Exchange of lndia Limited (NSE).
We do not recommend investors to invest in this IPO. Watch out this blog for more IPOs and details on this IPO.
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