Ess Dee Alumininum fixes price band for IPO at Rs 200 to Rs 225

Mumbai, Nov 28 (UNI) Ess Dee Aluminium Ltd (EDAL), an end-to-end pharmaceutical packaging solutions provider, has fixed the price band for its initial public offering(IPO), to be decided through book-built process, at Rs 200 to Rs 225 per share.

The net issue, which will open for subscriptions on December 4 and close on December 8, 2006, to public will constitute 25.79 per cent of the post issue fully diluted equity capital, the company said.

The IPO envisages issue of 69.60 lakh equity shares of Rs 10 each at a premium to be decided through a 100 per cent book built route.

The company seeks to raise Rs 139.20 crore at the lower end of the price band and Rs 156.60 crore at the upper end.

UTI Securities and Enam Financial Consultants are the Book Running Lead Managers for the issue.

Addressing a press conference here today, Company Chairman and Managing Director Sudip Datta said ''We have drawn up plans to set up a new unit (Unit III) at Daman for the manufacturing of aluminium foil based packaging products to enhance our product portfolio and extend our industry reach.'' The new expansion project at Daman estimated to involve a capital outlay of Rs 114.79 crore, which is to be funded from the proceeds of the IPO.

UNI SN GB AW1710