Financial Daily
from THE HINDU group of publications
Saturday, March 25, 2000
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Financial Daily from THE HINDU group of publications Saturday, March 25, 2000 |
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Arraycom to float IPO
Our Bureau
MUMBAI, March 24
ARRAYCOM (India) Ltd is to come out with an initial public issue of 90,00,000 equity shares of Rs. 5 each, for cash at a price band of Rs. 65 to Rs. 78 per share, including 1,30,000 shares to employees and 16,19,000 shares to mutual funds, FIIs, FIs, etc
. at a price of Rs. 90 per share.
The issue price will be finalised after SEBI approved the prospectus, according to Mr. Atul Parekh, Managing Director of the company.
The issue is for funding the companies manufacturing
activities.
After the IPO, the promoters' stake in the company will be 45 per cent and the group's stake will be over 55 per cent.
Arraycom is a vertically integrated, diversified company engaged in manufacturing and marketing a range of products. It also offers turnkey solutions in the fields of Industrial electronics, communications, IT and networking systems.
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