Euro Multivision's Rs 66-cr IPO to hit capital mkt on Sep 22

NEW DELHI: Compact disc maker Euro Multivision Ltd, which hopes to raise about Rs 66 crore through its initial public offer (IPO), would hit the capital market on September 22.

Euro Multivision is hitting the primary market with an issue size of 88 lakh shares in the price range of Rs 70-75. The offer closes on September 24.

The proceeds of the IPO would be used to raise resources for the company's photovoltaic solar cell manufacturing unit in a SEZ at Bhachau in Gujarat's Kutch district. The company intends to foray into solar energy space.

The plant, being built at a cost of Rs 178.03 crore, will have a capacity of 40 MW per year, the company today said in a statement.

The company has reserved 2 lakh shares for its employees. The net issue will constitute 36.97 per cent of the company's post issue paid up capital. The issue is on a 100 per cent book building process.

Anand Rathi Advisors is a lead book manager of the issue. "This new field of business is synergistic with company's existing businesses and we will leverage on our core competencies in the areas of precision high technology, mass manufacturing, and project management," Euro Multivision MD Hitesh Shah said.