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AIA
Engg. IPO to raise Rs.129 - 148 crore
Mumbai:
AIA Engineering Ltd, an Ahmedabad-based company, is pricing
its initial public offering at Rs275-315 per share. The
company is a niche player in the value-added high chrome
metallurgy segment catering to the cement, mining and
thermal power industries.
The
company specialises in manufacturing mill internals, which
are used to carry out grinding operations inside a mill.
A mill is used for grinding purposes and is used widely
in cement industries, thermal power plants and mines.
Mill internals include products such as grinding media,
liners, diaphragms, and vertical mill parts.
The
company is offering 47 lakh shares of Rs10 each through
the IPO, which will be through a book-building process.
Fully subscribed, the company would raise Rs129 crore
at the lower end of the price band and Rs148 crore at
the upper end of the band.
The
issue opens on November 17 and closes on November 22.
The
company has reserved 1.88 lakh shares for its employees.
Of the rest, 50 per cent shall be allocated on a proportionate
basis to qualified institutional buyers (QIB), 15 per
cent to non-institutional buyers and 35 per cent to retail
bidders. Of the 50 per cent reserved for QIBs, five per
cent is for mutual funds.
The
fully paid-up equity capital of the company after the
IPO would go up from Rs13.07 crore to Rs17.77 crore.
The
company will finance new expansion plans from the proceeds
of the issue. It proposes to set up an additional manufacturing
facility at Changodar, a village near Ahmedabad and augment
its capacity to further consolidate its market share.
"The new plant will be fully operational by October-November
2006. However, it will be partly operational by May next
year," said Mr Bhadresh Shah, Managing Director,
AIA Engineering. "When fully operational our capacity
will increase by 46,000 tonnes," he said.
The
company has been exporting nearly 45 per cent of its production.
Exports are predominantly to Europe and North America.
The
company has reported a net profit of Rs21 crore on a net
income of Rs170 crore for the first half of the current
fiscal.
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TCIL
pays dividend of Rs.21.6 crore - readies for IPO
New
Delhi: State owned Telecommunications Consultants
India Ltd (TCIL) has paid a dividend of Rs21.6-crore to
the Government for 2004-05, and says that it seeks to
revamp financial accounts of the last five years as a
pre-requisite towards a public offering.
The
TCIL chairman and managing director, G.D. Gaiha, said,
"We have initiated an exercise to revamp our financial
accounts as a pre-requisite, but decision to tap the capital
market has to be taken after the exercise is complete."
According
to Gaiha, TCIL's turnover stood at Rs449 crore, including
project exports at Rs327 crore. Its net worth stood at
Rs396 crore. The company recently completed a CDMA-based
WLL network in eleven provincial capitals of Afghanistan
worth Rs48 crore, using C-DoT technologies and equipment
bought from ITI, another telecom PSU.
TCIL
has also taken up a major project to link super-speciality
hospitals in Africa and India, as well as universities,
Gaiha said.
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Coromandel
Cements board clears preferential offer
Hyderabad:
The board of directors of Coromandel Cements Ltd has approved
the allotment of 30 lakh equity shares of Rs10 each at
par to the promoters of the company.
The
board has also cleared a proposal to allot 41,96,790 share
warrants, convertible into an equal number of equity shares,
at a conversion price of Rs10 each to the promoters and
associates on a preferential basis.
The
company has informed stock exchanges that it has also
approved a public issue of 27-lakh equity shares of Rs10
each at a price to be fixed subsequently.
A
proposal to increase borrowing powers from Rs75 crore
to Rs150 crore was also approved. The board has decided
to convene an extraordinary general meeting on December
13 to get the consent of its shareholders.
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