Vijayeswari Textile Public Issue to open on Feb 8

Mumbai, Jan 29 (UNI) Vijayeswari Textile ltd (VTL) is entering the capital market on February 8, 2007 with a public issue of equity shares of Rs ten each for cash at a price to be decided through the 100 per cent book building process.

The price band has been fixed between Rs 115 and Rs 130 per share.

The issue closes on February 13,2007 and is proposed to be listed on the Bombay Stock Exchange (BSE) in addition to its current listing of the equity share on the Madras Stock Exchange (MSE).

Company CMD Mr K Rajagopal told reporters here today,'' The company is tapping the market to augment additional capital for financing the modernisation of spinning and expansion of the capacities in all the divisions.The company is also proposing to take over a sewing facility with a capacity of 24,00,000 pieces per annum and is further setting up an additional capacity of 26,00,000 pieces per annum.The company also plans an addition of 4,950 KW WEGs.'' ''The company has strong presence in US and UK markets.The US and UK markets contributed 76 per cent and 16 per cent of its made-ups revenue respectively during the financial year 2006.The Australian and New Zealand markets have accounted for four per cent of its made ups revenue. The company proposes to widen its geographical reach by enetering into new markets and increasing its presence in France, Australia and New Zealand markets,'' he added.

UNI