Magnum Ventures fixes IPO price band Rs 27-30 per share

Mumbai, Aug 21 (UNI) Ghaziabad-based Magnum Ventures Limited (MVL) has fixed a price band of Rs 27-30 for its initial public offer (IPO) of 1.76 crore shares to raise about 53 crore from the capital market, to part finance its existing paper project and new foray into hospitality industry.

Addressing a press conference to announce the company IPO plans, MVL Chairman and Managing Director Praveen Kumar Jain said that the company is planning to modernise its production facilities of its Paper unit II and III and also plans to venture into the hospitality sector.

The MVL is setting up a 4-Star business hotel with 212 rooms with all ultra-modern facilities near the national capital, Delhi.

The proposed IPO of Rs 10 each for cash with an initial price to be decided through a book building process. The bid issue will open for subscription on August 27 and close on August 30.

The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

UNI