V-Guard IPO opens today

MUMBAI: The initial public offer of V-Guard Industries opens Monday. The net issue to the public comprises 76,00,000 shares and 4,00,000 shares have been reserved for the employees. The issue constitutes 26.80 per cent of the post-issue paid-up capital.

The price band has been fixed between Rs 80 and Rs 85 per share of Rs 10 each. The company will raise Rs 68 crore at the upper end of the price band. The issue closes Thursday. The net proceeds of the issue will be deployed to set up cable manufacturing facilities in Coimbatore and Uttaranchal, enameling plant at Coimbatore, development and pilot productions plants for water heaters, fans and pumps at Himachal Pradesh and Coimbatore, service and distribution centers at Bangalore, Hubli and Vijaywada. CRISIL has assigned CRISIL IPO Grade "3/5" to the IPO.