22 December 2010

Shekhawati Poly-Yarn to list its initial public offer (IPO) to BSE NSE Stock Exchange for 1.2 crore equity shares on December 27 with a target of Rs 36 crore at fixed price of Rs 30 per share : IPO buying tips, update, allotment, subscription, status and prospectus

Textile firm Shekhawati Poly-Yarn is entering capital market with its initial public offer (IPO) of 1.2 crore equity shares on December 27. The company aims to raise Rs 36 crore through IPO at fixed price of Rs 30 a share.
The issue will constitute 54.54% of the fully diluted post issue equity share capital of the company. 
Shekhawati Poly-Yarn IPO opens on December 27

Shekhawati is presently engaged in manufacturing of texturised and twisted yarn. Now it proposes to commence manufacturing of Knitted Fabric from Texturised Yarn, being one of the objects of the proposed public issue.
Issue proceeds are proposed to be used for buying new 30 twisting machines and installation of new 30 knitting machines; buying corporate office at an estimated cost of Rs 325 lakh and working capital requirements.
After this expansion, the company will have 35 machines for twisting yarn with capacity of 4,620 MTPA, 30 machines for knitting yarn with 1,980 MTPA and 20 for texturising yean with capacity of 27,400 MTPA.
Hem Securities Limited is the book running lead manager to issue.

src: MC
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