Jindal Cotex to list today, issue price Rs 75

Jindal Cotex to list today, issue price Rs 75; proceeds from the issue will be used for setting up a new facility for manufacturing of cotton yarn, yarn dyeing and garments and investment in subsidiaries

Shares issued by Jindal Cotex via initial public offering (IPO) will list on September 22, 2009 (Tuesday) on the bourses. Its BSE ID is 533103 and NSE ID is JINDCOT. It has fixed the issue price at Rs 75 per share.
The issue of 1,24,53,894 equity shares was subscribed 2.2 times and company raised Rs 93.40 crore; out of which, the promoters will receive around Rs 9 crore.

The proceeds from the issue (excluding public issue expenses) will be used for setting up a new facility for manufacturing of cotton yarn, yarn dyeing and garments and investment in subsidiaries namely Jindal Medicot & Jindal Specialty Textiles.

The company is engaged in the business of manufacturing of acrylic, polyester, and polyester-viscose, polyester cotton, combed and carded yarns, which are appropriate for apparels, suitings and knitted fabrics. The yarns produced by the company are used for made ups in apparels, hosiery & garment industry.

It has current installed capacity of 23,472 spindles for acrylic, cotton blended and polyester yarns with a manufacturing capacity of 6500 TPA. It manufactures and sell yarns under the trade name ‘JINDAL’.

No related posts.