Tulsi Extrusions gets 'Grade 3' Rating for its IPO from CARE

Mumbai, Nov 20 (UNI) Tulsi Extrusions Ltd,(TEL) manufacturer of PVC pipes and fabricated fittings, has received 'CARE IPO Grade 3' rating from CARE Ratings (Credit Analysis&Research Ltd), a premier rating agency in the capital market spectrum, for its proposed IPO.

The grade indicates that the fundamentals of the issue are average, in relation to other listed equity securities in India, the release issued by TEL.

Tulsi Extrusions had filed a draft red herring prospectus with SEBI on September 3, 2007 to enter the capital market with an IPO of 57,00,000 equity shares of Rs 10 each through a 100 per cent book building process. The book running lead manager of the proposed issue is Almondz Global Securities Ltd. and registrar to the issue is Intime Spectrum Registry Ltd, the release added.

UNI