Decolight Ceramics to raise Rs 43.45 Cr from equities

Mumbai, May 21 (UNI) Morbi-based vitrified ceramic tile manufacturer Decolight Ceramics will raise Rs 43.45 Crore from equities.

The company today announced the issue of Initial Public Offering (IPO), which is being made through 100 percent book building process and will have a price band of Rs 45-54. The issue will open from May 24 to May 29.

The proceeds of the issue will be pumped to finance Decolight's upcoming expansion projects that include setting up manufacturing units for aluminium composite panels(ACP) and wind turbine generators(WTG) having a total capacity nearly 4.6 mega watts(MW), said G.M.Pethapara, Chairman of the company.

"The proposed WTGs will reduce the cost of power manufacturing significantly up to 60 paise per unit. We had set up a 1.25 MW WTG in Kutch last year.'', Pethapara told UNI.

The company, which has a total headcount of over 600 employees, will also open retail outlets across the country.

By the expansion plans, Decolight aims to increase the production capacity from the current 6000 square meters per day to 12,000 square meters.

The company had notched up a net profit of Rs 5.55 crore for the fiscal year 2007.

UNI