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Hanung Toys fixes IPO price band at Rs 85-95

Our Bureau

The issue proceeds will part-finance an integrated textile unit at Roorkee in northern Uttaranchal.


MR A.K. BANSAL (Left), CMD, Hanung Toys Textiles Ltd, and Mr Anand Rathi, Chairman, Anand Rathi Securities Ltd, at a press conference to announce the company's IPO in Mumbai on Monday. — Paul Noronha

Mumbai , Sept. 25

Hanung Toys and Textiles Ltd, a manufacturer and exporter of stuffed toys and home furnishings, proposes to enter the capital market on September 28 with a public issue of 95-lakh equity shares of Rs 10 each through a 100 per cent book-building process.

The price band ranges between Rs 85 and Rs 95 per equity share. The net issue to the public is 90 lakh equity shares forming 35.73 per cent of the post issue paid up capital of the company.

Five-lakh equity shares are reserved for employees. Fifty per cent of the net issue shall be allotted on a proportionate basis to Qualified Institutional Buyers (QIBs) with 5 per cent of the QIB portion available for allocation on a proportionate basis to mutual funds. Not less than 15 per cent of the net issue will be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35 per cent will be available for retail individual bidders on a proportionate basis.

Through a shareholders' agreement in February 2006, Bennet, Coleman and Co Ltd has acquired 5 lakh equity shares at a price of Rs 150 per share (Rs 7.5 crore), constituting 1.99 per cent of the post issue equity share capital of the company.

The issue proceeds will part-finance an integrated textile unit at Roorkee in northern Uttaranchal.

The total cost of the unit is Rs 168.44 crore and the company proposes to raise rupee term loans from banks/financial institutions. The term loan component is Rs 90 crore.

Karvy Investor Services and Anand Rathi Securities Ltd are the Book Running Lead Managers for the issue and Karvy Computershare Pvt. Ltd is the registrar. The issue closes on October 5.

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