Indus Fila fixes price band for IPO at Rs 170 - 185 per share

Mumbai, Feb 7 (UNI) Indus Fila, a company engaged in yarn dyeing, fabric weaving&processing and apparel manufacturing process, has fixed the price band for its initial public offering at Rs 170 to Rs 185 per equity share.

The IPO envisages issue of 4,843,789 equity shares of Rs 10 each through 100 per cent book building process and it would constitute 25 per cent of the fully diluted post issue paid up capital, a company press release said. The issue opens on February 12, 2007 and closes on February 14, 2007.

The Company proposes to utilise the net proceeds of the issue to part finance its Rs 166.24 crore plan for expansion of capacities in weaving, yarn dyeing and setting up of ''Centre of Excellence'', processing and garmenting, the release said.

The plan has been appraised by Corporation Bank, Karnataka Bank and UTI Bank for total rupee term loan of Rs 74 crore sanctioned by these banks, it said.

The entire rupee term loan is eligible for a 5 per cent interest subsidy under the Technology Upgradation Fund Scheme (TUFS). Under the amended provisions of TUFS, the company will also be eligible for an additional incentive of 10 per cent capital subsidy for the specified textile processing machinery.

Anand Rathi Securities is the Book-Running Lead Manager for the issue and Datamatics Financial Services is the Registrar. The equity shares are to be listed on the Bombay Stock Exchange and the National Stock Exchange.

UNI