Deco's IPO oversubscribed

Rajkot, June 5 (UNI) The IPO of Morbi-based Deco Group of Companies has been oversubscribed 1.85 times.

The Company had recently launched the Rs 43.45 crore IPO for its mega expansion plans, a press release here said.

Company Managing Director Girishbhai Pethapara said in the press release, ''The Company is on a continuous growth path and now plans to double the capacity of the 'Granolite' Vitrified Tiles Plant from the existing 6,000 sq mtrs to 12,000 sq mtrs.'' The Company also plans to establish manufacturing facilities for aluminium composite panels, the release said.

The Deco Group also plans to set up Wind Turbine Generators (WTG) to minimise its power costs. The Company will set up a 4.6 MW wind farm to generate one crore units of power at a cost of about Rs 24 crore, the release added.

UNI