Abhishek Mills files for IPO

Mumbai, June 8 (UNI) Kolhapur-based Abhishek Mills Ltd (AML) has filed a draft red herring prospectus for its Initial Public Offer (IPO) with SEBI.

It intends to offer 41 lakh equity shares of Rs 10 each for cash at a price to be discovered through the book-building route. The issue would constitute 29.27 per cent of the post issue paid-up capital of the company.

Abhishek Mills Ltd is promoted by Mr Ramchandra Mohite, Mr Annasaheb Mohite and Dr Anjali A Mohite is part of R M Mohite Group. The company has a presence in two segments-- yarn manufacturing through its 100 per cent export oriented spinning unit and construction. It has reportedly created a place for itself by having an export base in European countries like Germany, Italy, Switzerland and other countries including Vietnam, Bahrain, Hong Kong, Russia, Korea and Mauritius.

Cuurently, Abhishek Mills has 33,120 spindles producing cent per cent combed cotton yarn and can manufacture yarn with finer counts in the range of 40s to 120s.

For nine months period ended December last year, out of the aggregate turnover of Rs 46.25 crore, sales turnover from textile operations was around Rs 30.10 crore and from our construction business was around Rs 16.15 crore.

The Lead Book Running Manager for the Issue is UTI Bank Ltd and the Registrar to the Issue is Intime Spectrum Registry Limited.

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