Euro Ceramics files DRH prospectus with SEBI

Mumbai, Sep 29 (UNI) Euro Ceramics, manufacturer of vitrified ceramic tiles and aluminium extruded sections, has filed its Draft Red Herring Prospectus with the Securities Exchange Board of India (SEBI) yesterday.

It proposes to enter the capital market with an Issue of 56,21,500 equity shares of Rs 10 each, out of which 121,500 equity shares are reserved for employees, said a Company press release.

The issue price of the equity shares will be decided through 100 per cent book building process. The net issue to the public will constitute 32.16 per cent of the fully diluted post issue paid-up capital of the Company.

The net proceeds of the issue after deducting issue expenses will be utilized towards part financing the funds required for setting up manufacturing facilities for Sanitary Ware Products at Bhachau in Kutch and for General Corporate Purposes.

The total cost for setting up manufacturing facilities for Sanitary Ware Products is about Rs 76.93 crore. The Company has already signed a contract with SACMI Hong Kong Ltd for supply of about 70 per cent of the total requirement of plant and machinery. The equity shares of the Company are proposed to be listed on the BSE and NSE.

The book-running lead managers to the issue are UTI Securities and ENAM Financial Consultants.

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