Zenith Birla to raise Rs 11.90 crore thru FPO

Mumbai, Oct 9: Zenith Birla Ltd, a Yash Birla Group company will come out with its ''Follow on Public Offer'' (FPO) to Rs 11.90 crore to fund the company's plans of setting up additional facilities for manufacturing Mechanical tubes at Khopoli in Maharashtra.

Apart from the additional capacity, the Company's FPO will be used for working capital of the existing business and margin money for the Mechanical tube business, said an official press release here.

The FPO envisages issuance of 2,38, 18,182 equity shares of face value of Rs 10 each for cash at a premium of Rs 45 and the issue would constitute 59 per cent of post issue paid up capital of the company.

The company has three plants -- in Khopoli, Aurangabad and Nashik in Maharashtra -- and has a turnover of Rs 320 crore last year.

UNI