Nissan Copper fixes its IPO price band at Rs 33-39

By Staff
|
Google Oneindia News

Mumbai, Nov 27 (UNI) Nissan Copper has fixed the price band for its initial public offering (IPO) at Rs 33 to Rs 39 each for an equity with a face value of Rs 10 each.

The issue, which opens on December four and closes on December eight, 2006, would be listed on the Bombay Stock Exchange(BSE) and National Stock Exchange(NSE).

Keynote Corporate Services is the Book Running Lead Manager and Bigshare Services is the Registrar for the issue.

Company Managing Director Ratanlal Mardia told reporters the IPO is set to mobilise about Rs 25 crore and will be deployed to part finance its expansion project estimated to cost Rs 35 crore.

The project, he continued, at Silvassa and Umbergaon envisages to enhance the production capacity of copper pipes from 1,200 tonnes per annum(TPA) to 2,400 TPA, mother tubes from 2,400 TPA to 5,400 TPA and ingots from 7,200 TPA to 10,800 TPA.

It also proposes to install two furnaces with capacity of 750 kg each, one extrusion press of 5,000 tonnes capacity and also two lines for drawing of pipes.

Apart from the IPO proceeds of Rs 25 crore, the company will obtain a term loan of Rs 10 crore from the State Bank of India to complete the funding of its expansion, Mr Mardia added.

UNI SN GB NV1629

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