Bajaj Corp to come with IPO, price band at Rs. 630-660 per share
Wednesday, 28 July 2010, 21:09 IST
By SiliconIndia
By SiliconIndia
Bangalore: Bajaj Corp, a part of Bajaj Consumer Care, is coming out with an IPO of up to 45 lakh equity shares of Rs. 5 each on August 2. The IPO price band, fixed by the company, is Rs. 630-660 per share.
The issue will constitute 15.3 percent of the post-issue paid-up equity capital of company. It intends to raise Rs. 283.50 crore at lower end of price band and Rs. 297 crore at higher price band. The issue will close on August 5.
Issue proceeds will be used for promoting future products and acquisitions & other strategic initiatives. Total estimated expenditure for these objects are Rs. 220 crore and 50 crore, respectively.
Bajaj Corp, one of India's leading producers of hair oils, is a part of Bajaj Group, which operates businesses in the consumer goods, sugar, power generation and infrastructure development industries. Bajaj Consumer currently holds 100 percent stake in the company, which will be reduced to 84.75 percent post issue.
The book running lead manager to the issue is Kotak Mahindra Capital Company and Karvy Computershare is the registrar.
Bajaj Corp reported operating revenues of Rs. 2,080 million in 9MFY10. It derives majority of its revenues from a single product, Bajaj Almond Drops. The company's net profit increases 27.2 percent to Rs. 565 million in 9MFY10 from Rs. 470 in FY09.
The issue will constitute 15.3 percent of the post-issue paid-up equity capital of company. It intends to raise Rs. 283.50 crore at lower end of price band and Rs. 297 crore at higher price band. The issue will close on August 5.
Issue proceeds will be used for promoting future products and acquisitions & other strategic initiatives. Total estimated expenditure for these objects are Rs. 220 crore and 50 crore, respectively.
Bajaj Corp, one of India's leading producers of hair oils, is a part of Bajaj Group, which operates businesses in the consumer goods, sugar, power generation and infrastructure development industries. Bajaj Consumer currently holds 100 percent stake in the company, which will be reduced to 84.75 percent post issue.
The book running lead manager to the issue is Kotak Mahindra Capital Company and Karvy Computershare is the registrar.
Bajaj Corp reported operating revenues of Rs. 2,080 million in 9MFY10. It derives majority of its revenues from a single product, Bajaj Almond Drops. The company's net profit increases 27.2 percent to Rs. 565 million in 9MFY10 from Rs. 470 in FY09.
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