Empee distilleries IPO on Nov 1, price band at Rs 350-400

Mumbai, Oct 29 (UNI) Empee Distilleries, engaged in manufacturing of Indian Made Foreign Liquor (IMFL) products under its own brand portfolio as well as under tie up arrangement with other companies, proposes to enter the captial market on November 1 with a public issue of 48,00,000 equity shares of Rs ten each through 100 per cent book building process.

The price band has been fixed at Rs 350 to Rs 400 per quity share and the issue closes on November 6.

Company executive director Nisha Purushothaman told reporters that Empee proposes to part finance its expansion and diversification plans with the net proceeds of this issue. In order to diversify and expand its business activities by means of both backward integration and to achieve economies of scale in its existing business activities, the Company has decided to expand its operations by implementing various projects.

The Company will set up a 60 KLPD Grain Based Distillery Unit in Nellore district in Andhra Pradesh and also set up a blending and bottling plant with a capacity of 0.07 lakh cases per month. The Company will expand the existing distillery unit situated at Mevaloorkuppam by augmenting the capacity of extra Neutral Alcholal Plant from 20KLPD to 70 KLPD. The plan is also augment the capacity of the said distillery to handle 5.00 lakh cases per month from the present 0.50 lakh cases per month.

Presently,y the Company has facilities to manufacture various IMFL products at Mevaloorkuppam in Tamil Nadu and at Nida in Palakkad district of Kerala. It also has a wind mill at Coimbatore with 2MW licensed and installed capacity.

UNI