Circuit systems to raise Rs 14.85 crores from the capital market

Mumbai, Sep 19 (UNI) Gujrat-based Circuit Systems will enter capital market with its maiden public issue of 42,44,810 equity shares to raise Rs 14.85 crores to fund its expansion plans.

The issue will hit the bourses on September 27 and will close by October 5. The fund to be raised includes promoters contribution of Rs 4.37 crores.

Besides public issue and promoter contribution, the project is also funded by the Corporation Bank to the tune of Rs 4 crore.

The expansion project involves setting up a new unit in Gandhinagar Electronic Park developed by the Gujarat Industrial Development Corporation (GIDC). The GIDC has allotted 23404.73 square meters of land on lease to the Company for a tenure of 99 years.

According to Managing Director Paresh Vasani, ''The new unit is being set up in the light of future market and the anticipated increase in demand for PCBs both in domestic as well as global markets.'' The Company's client base includes Siemens, Indian Railways and ISRO. Besides domestic clients, the Company is also making efforts on developing new markets in North America and Europe.

Printed Circuit Board's have end use applications in telecommunications, process control equipment computer, automobiles, defence and space applications.

Electronic component segment contributes 18 per cent to the overall electronic production in the country.

UNI