Chennai, Nov 22 (UNI) Jyothy Laboratories Limited, a fast moving consumer goods company, is entering the capital market to enhance its brand name and provide liquidity to the existing share holders.
Addressing a news conference here, Company Chairman P Ramachandran said the offer would provide public market for the Company's equity shares in the country and it would not receive any proceeds from the offer.
He said the Company was entering the capital market with initial public offering of 4,430,260 equity shares of Rs five each through an offer for sale by the selling shareholders for cash at a price to be decided through 100 per cent book building process.
The offer, which opens today, would close on November 27. The price band had been fixed between Rs 620 and Rs 690 per equity share, he said.
He said the Company was a fast moving consumer goods in the fabric care, household insecticide, surface cleaning, personal care and air care segments in India.