Mumbai, Feb 13 (UNI) Kerala-based V-Guard Industries, engaged in the manufacturing and marketing of electrical and electronic products, today announced a price band of Rs 80 to Rs 85 for its forthcoming initial public offer (IPO) of 80,00,000 equity shares of Rs ten each for cash at a premium.
The net issue to the public comprises of 76,00,000 equity shares and 4,00,000 equity shares have been reserved for the employees.
The company CMD Mr Kochouseph Chittilappilly told reporters here, ''The capital raised from the issue will be deployed to set up cable manufacturing facilities in Coimbatore and Uttaranchal.
With expansions talking place in power sector, demand for power cable is likely to remain buoyant. This buoyancy in the sector is likely to be further contributed by the boom in housing and construction sector. Keeping these in mind, we intend to set up a manufacturing facility in Kashipur, Uttaranchal.'' ''V-Guard is present in 16 states with eighteen branches including head office located in Cochin. The products are sold through a network of over 7,000 retail dealers and 108 distributors Pan India,'' he added.
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