Lumax Auto Technologies announces IPO

Mumbai, Nov 28 (UNI) Lumax Auto Technologies, manufacturer and OEM supplier of automotive parts to the two and three-wheeler industry, today announced its Initial Public Offer of 30,12,000 equity shares of Rs ten each for cash at price of Rs 75 per equity share inclusive of premium aggregating Rs 2,259 lakh through a fixed price issue.

Lumax Auto chairman D K Jain told mediapersons here, ''The issue will be utilised for setting up of chassis assembly at Bhosari near Pune, expansion and modernization of current manufacturing facilities at Chakan near Pune and at Waluj near Aurangabad, modernization of developing centre at Chinchward near Pune, investment in the subsidiary for setting up automotive lighting unit at Pantnagar in Uttranchal, setting up a levelling motor unit and enhancement of infrastructure facilities at Manesar near Gurgaon in Haryana.

The Issue will open for subscription on December 14 and close on December 21. The issue would constitue 25.90 per cent of the fully diluted post issue paid up capital of Lumax Auto Technologies, he added.

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