Somi Conveyor Beltings IPO to open June 25
Somi Conveyor Beltings Ltd will enter the capital markets on June 24 with an issue of 62,27,860 equity shares of Rs 10 each at a fixed price of Rs 35 aggregating to Rs 21.8 crore.
By ET Online |
MUMBAI: Somi Conveyor Beltings Ltd will enter the capital markets on June 24 with an issue of 62,27,860 equity shares of Rs 10 each at a fixed price of Rs 35 aggregating to Rs 21.8 crore.
The issue comprises a contribution by promoters of 14,99,286 shares aggregating to Rs 5.25 crore. This leaves a net issue to the public of 47,28,574 shares aggregating to Rs 16.55 crore, including an allocation of 10 per cent to qualified institutional buyers.
The net issue to the public would constitute 40 per cent of the fully diluted post issue paid up capital. The issue closes on June 27.
Somi Conveyor Beltings is a manufacturer of rubber conveyor belts of various sizes used for industrial applications of material handling in various industries such as coal, lignite, iron ore, mining, cement, power, steel, fertilizer and sugar. The company also recently introduced food grade belts for tea gardens and salt industries.
The company proposes to utilise the net proceeds of the issue to part finance its Rs 35.09 crore project cost. The expansion and modernisation project consists of setting up of new manufacturing unit, purchase of land and building for office use, meeting margin money requirement for enhanced working capital and meet the interest cost during the construction period.
The project would be funded through promoter contribution of Rs 10.04 crore, IPO proceeds of Rs 16.55 crore and term loan from Punjab National Bank of Rs 8.50 crore.
The company had commenced production with an initial capacity of 36,000 MPA and it has expanded to present operating capacity of 1,67,660 MPA. Depending upon the width of the rubber conveyor belt the capacity utilisation can be stretched up to 2,00,000 MPA.
Considering the potential for growth, it intends to raise production capacity to 4,00,000 MPA and also enlarge the belt width from the current 1200mm to 2000mm.
Somi Conveyor is setting up new factory unit with an installed capacity of 1,72,080 MPA for manufacturing rubber conveyer belts of 2000 mm width at Tanawara, Jodhpur, Rajasthan. The capacity can be stretched up to 2,00,000 MPA.
The company���s total income for FY 2007 was Rs 15.48 crore and profit after tax at Rs 1.35 crore against total income of Rs 7.47 crore and PAT of Rs 10.84 lakh for FY 2005.
Total income for the first nine months of FY 2008 ended December 31, 2007 was Rs 11.81 crore and PAT at Rs 95.80 lakh.
The issue comprises a contribution by promoters of 14,99,286 shares aggregating to Rs 5.25 crore. This leaves a net issue to the public of 47,28,574 shares aggregating to Rs 16.55 crore, including an allocation of 10 per cent to qualified institutional buyers.
The net issue to the public would constitute 40 per cent of the fully diluted post issue paid up capital. The issue closes on June 27.
Somi Conveyor Beltings is a manufacturer of rubber conveyor belts of various sizes used for industrial applications of material handling in various industries such as coal, lignite, iron ore, mining, cement, power, steel, fertilizer and sugar. The company also recently introduced food grade belts for tea gardens and salt industries.
The company proposes to utilise the net proceeds of the issue to part finance its Rs 35.09 crore project cost. The expansion and modernisation project consists of setting up of new manufacturing unit, purchase of land and building for office use, meeting margin money requirement for enhanced working capital and meet the interest cost during the construction period.
The project would be funded through promoter contribution of Rs 10.04 crore, IPO proceeds of Rs 16.55 crore and term loan from Punjab National Bank of Rs 8.50 crore.
ADVERTISEMENT
The company had commenced production with an initial capacity of 36,000 MPA and it has expanded to present operating capacity of 1,67,660 MPA. Depending upon the width of the rubber conveyor belt the capacity utilisation can be stretched up to 2,00,000 MPA.
Considering the potential for growth, it intends to raise production capacity to 4,00,000 MPA and also enlarge the belt width from the current 1200mm to 2000mm.
Somi Conveyor is setting up new factory unit with an installed capacity of 1,72,080 MPA for manufacturing rubber conveyer belts of 2000 mm width at Tanawara, Jodhpur, Rajasthan. The capacity can be stretched up to 2,00,000 MPA.
The company���s total income for FY 2007 was Rs 15.48 crore and profit after tax at Rs 1.35 crore against total income of Rs 7.47 crore and PAT of Rs 10.84 lakh for FY 2005.
ADVERTISEMENT
Total income for the first nine months of FY 2008 ended December 31, 2007 was Rs 11.81 crore and PAT at Rs 95.80 lakh.
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
