Minar Intn'l IPO opens on September 25

Mumbai, Sept 18: Minar International today announced it's plans to enter the capital market on September 25 with an initial public offering to raise around Rs 80 crore, to fund it's expansion plans.

Briefing the media here, it's Chairman&Managing Director A K Nambiar said the IPO envisages 69,23,077 equity shares of Rs 10 each through 100 per cent book building process in the price band of Rs 108 to Rs 115 per equity share. The issue, to close on September 29, 2006, will constitute 28.49 per cent of the post issue paid-up capital of the company.

Replying to a question, Mr Nambiar said the actual size was 80 lakh equity shares, out of which Minar International has already made a pre-issue allotment of 10,76,923 equity shares valued at Rs 161.39 crore in June this year to two leading US buyers at an average price of Rs 148 per share, thereby reducing the size of the public issue to 69.23 lakh equity shares.

Keynote Corporate Services is the book running lead manager for the issue, while Intime Spectrum Registry is the registrar.

UNI