Nitin Fire Protection Industries files Prospectus with SEBI

Mumbai, Dec 28 (UNI) Nitin Fire Protection Industries has filed its Draft Red Herring Prospectus with the Securities&Exchange Board of India on December 27, 2006 to enter the capital market with its initial public offering of equity shares.

It proposes to issue 38,50,000 equity shares of Rs 10 each for cash at a premium to be decided through the book-building process, said the company's press release.

Of this, the company has proposed to reserve 1,50,000 equity shares for allotment to eligible employees and the net offer to public would thus be reduced to 37,00,000 equity shares. The net issue will constitute 29.37 per cent of the post-issue paid-up capital of the company.

Of the net issue to public, upto 50 per cent shall be allotted to qualified institutional bidders, of which upto 5 per cent shall be reserved for allotment to mutual funds only. Further, upto 15 per cent of the offer shall be reserved for allocation to non institutional bidders and atleast 35 per cent shall be available for allocation to retail individual bidders.

Karvy Investor Services and UTI Securities are the book running lead managers to the issue.

Nitin is broadly focused in two areas (i) Fire Protection, Safety and Security, including Intelligent Building management systems and (ii) High Pressure Seamless Cylinders and Refueling Systems.

UNI SN SD SKB1644