Cords Cable eyes over Rs 60 crore from 35 lakh-share IPO
Cords Cable Industries plans to raise over Rs 60 crore through its proposed initial public offering of 35 lakh shares of Rs 10 each.
By INDIATIMES NEWS NETWORK |
MUMBAI: Cords Cable Industries plans to raise over Rs 60 crore through its proposed initial public offering of 35 lakh shares of Rs 10 each. The company has filed papers with the Securities and Exchange Board of India for a 100 per cent book building issue.
The net issue to the public would be 30 per cent of the fully diluted post issue capital.
The company manufactures cables for electrical connectivity up to 1.1 KV, which finds use in industries such as power, steel, cement, fertilisers and chemicals, and refineries. Its clients include BHEL, NTPC, Hindalco Industries, ACC, HPCL, GAIL, Tata Steel, Siemens, Honeywell, L&T, MRPL.
Cords Cable plans to utilize the IPO proceeds for setting up production facilities and long term working capital requirements.
At present it is undertaking capacity expansion at its factory in Chopanki in Rajasthan, for which it raise Rs 13.20 crore via external commercial borrowings and internal accruals.
The company’s net profit for 2006-07 (Apr-Mar) stood at Rs 7 crore, up from Rs 13.94 lakh in 2002-03. Revenues grew to Rs 104.29 crore in 2006-07 from Rs 16.04 crore in the same period.
The net issue to the public would be 30 per cent of the fully diluted post issue capital.
The company manufactures cables for electrical connectivity up to 1.1 KV, which finds use in industries such as power, steel, cement, fertilisers and chemicals, and refineries. Its clients include BHEL, NTPC, Hindalco Industries, ACC, HPCL, GAIL, Tata Steel, Siemens, Honeywell, L&T, MRPL.
Cords Cable plans to utilize the IPO proceeds for setting up production facilities and long term working capital requirements.
At present it is undertaking capacity expansion at its factory in Chopanki in Rajasthan, for which it raise Rs 13.20 crore via external commercial borrowings and internal accruals.
The company’s net profit for 2006-07 (Apr-Mar) stood at Rs 7 crore, up from Rs 13.94 lakh in 2002-03. Revenues grew to Rs 104.29 crore in 2006-07 from Rs 16.04 crore in the same period.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
