Financial Daily from THE HINDU group of publications
Saturday, Jun 10, 2006
Financial Daily from THE HINDU group of publications Saturday, Jun 10, 2006 |
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Markets
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IPOs Our Bureau
Mumbai , June 09 The Kolhapur-based Abhishek Mills Ltd (AML) has filed a draft red herring prospectus with SEBI, an official statement said. The company intends to offer 41 lakh equity shares of Rs 10 each for cash at a price to be determined through book-building process. The issue would constitute 29.27 per cent of the post issue paid-up capital of the company. The company has presence in two segments, yarn manufacturing through its 100 per cent export-oriented spinning unit and in construction.
Strategy
Mr Annasaheb Mohite, Managing Director, Abhishek Mills Ltd, said, "We believe that the exports in the premium segment of fine yarn are growing which is our core activity. The potential markets for the same are still untapped. Apart from this we intend to set up an integrated yarn dyed shirting fabric project for growing overseas and domestic and overseas market." The company is also planning to increase its spinning capacity by adding another 12,000 spindles to meet additional requirement of yarn for captive consumption. The total project cost is estimated at around Rs 218.78 crore to be financed through debt of Rs 149.90 crore through various banks and the remaining through internal accrual and IPO proceeds. The book running lead manager for the issue is UTI Bank Ltd and the registrar to the issue is Intime Spectrum Registry Ltd.
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