The Hindu Business Line : Euro Multivision plans Rs 66-cr public issue

Mr Hitesh Shah (right), Managing Director, Euro Multivision Ltd, with Mr Padam Jain, Executive Director, Anand Rathi Securities, at a press conference to announce the company’s IPO in Mumbai on Thursday. —

Our Bureau

Mumbai, Sept. 17 Compact disc maker Euro Multivision will enter the capital market with an initial public offering through which it plans to raise a maximum of Rs 66 crore.

The IPO consists of 88 lakh equity shares whose price band has been fixed at Rs 70-75. The issue opens on September 22 and closes on September 24.

The company will use the proceeds to set up a photovoltaic solar cell-manufacturing unit in Gujarat. The plant, which will be completed by January 2010, is being built at a cost of Rs178 crore. It will have capacity of 40 MW a year.

The company will also use the IPO proceeds for general corporate purposes.

The qualified institutional buyers have been allocated 50 per cent of the issue. HNIs have been reserved 15 per cent and retail 35 per cent.

The issue has been assigned a Grade 3 by rating agency CARE indicating average fundamentals. Anand Rathi Advisors are the Book Running Lead Managers (BRLM) to the issue.