Tuesday, 1 September 2009

Jindal Cotex IPO fully subscribed on final day

The initial public offer (IPO) of the textile firm Jindal Cotex got fully subscribed on the last day of its issue today.

The company received bids for over 1.12 crore shares, the latest data with the National Stock Exchange (NSE) shows.

The Ludhiana-based textile manufacturer has come out to the capital market with an issue size of 1.24 crore shares in the price band of Rs 70-75.

At the upper end of the price band, Jindal Cotex expects to raise Rs 93.40 crore, while at lower end it would garner Rs 87.17 crore.

The company would utilize the IPO fund for setting up a new facility for making cotton yarn and yarn dyeing. It would also invest funds in its two units--Jindal Medicot and Jindal speciality Textiles.

IPO is being made through a 100 per cent book building process. The equity shares are proposed to be listed on Bombay Stock Exchange and on the National Stock Exchange.

Saffron Capital Advisors Pvt Ltd is the lead manager of the offer, while Bigshare Services Pvt Ltd is the registrar of IPO.

Source: EconomicTimes

No comments:

Post a Comment

DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.