FIEM Industries offers 41 lakh equity shares

Sonepat, Aug 11 (UNI) FIEM Industries Ltd, an automotive lighting and signalling equipment manufacturer, today offered 4,100,000 equity shares of Rs 10 each to raise funds for its expansion in Tamil Tadu and Himachal Pradesh.

Talking to reporters here, Chairman and Managing Director J K Jain said, ''The objective of the issue is to raise capital for our expansion plans, which include setting-up of new facilities for manufacturing automotive lighting and signaling equipment and rear view mirrors for four wheelers.

''We also believe that the listing of our equity shares will enhance our visibililty and brand value.'' The company has also reserved 4,00,000 shares for its employees.

FIEM Industries, which has its four manufacturering units located in the states of Haryana, Tamil Nadu and Karnatka, is in the process of setting-up another unit in Himanchal Pradesh. Its new unit in Tamil Nadu is also undergoing trails.

The customers' list of the company, both in India and abroad, include TVS Motor Company, Honda Motorcycles and Scooters India Pvt Ltd, Suzuki Motorcycle (India), GM, LML, Majestic Auto Ltd, Hyundai Motors, Skoda Auto, Swaraj Mazda, Ashok Leyland, HMT tractors, etc.

The company had posted a gross turnover of Rs 143 crore in the last financial year ending March 31, 2006.

FIEM Industries, however, has not entered into any shareholders agreement.

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