Pochiraju Industries fixes IPO price band at Rs 25-30

Mumbai, Jan 10 (UNI) Pochiraju Industries Ltd, producer and exporter of roses, has fixed the price band of its initial public offer (IPO) at Rs 25 to Rs 30 per equity share of Rs 10 each.

The IPO -aggregating Rs 37.57 crore through 100 per cent book building process -will open on January 15, 2007 and close on January 18, 2007. The shares will be listed on BSE and NSE.

It proposes to deploy the net proceeds of the issue to part finance its expansion plans involving an investment of Rs 47.57 crore, said a company press release.

The plan envisages setting up of an Bio Fermentation and Protein Purification unit at Hyderabad costing Rs 37.57 crore and the remaining Rs 10 crore are to be raised through term loan from banks and financial institutions, said Company Managing Director S P Sudhakar.

As against the total IPO of Rs 37.57 crore, promoters would contribute Rs 3 crore, leaving a net issue to the public of Rs 34.57 crore, said he.

All bank Finance Limited is the book-running lead manager(BRLM) to the issue, while UTI Securities is the Co-BRLM and Aarthi Consultants is the Registrar.

UNI