Cords cable to raise Rs 41.6 crore from capital market

Mumbai, Jan 14 (UNI) Specialty cable manufacturer, Cords Cable Industries Limited (CCIL) will enter the capital market to raise Rs 41.6 crore to fund its expansion plans.

The price band of the IPO is fixed between Rs 125-135 and will open for subscription by January 21 and will close by January 24.

Of 30,85,00 equity shares, upto 50 per cent of the net issue shall be allocated on a proportional basis to qualified institutional investors. At least 15 per cent of the issue shall be available to non-institutional bidders and remaining 35 per cent will be available to retail individual bidders.

CCIL is managed by three promoters and cables manufactures for various electrical connectivity requirements, mainly for different industrial segments.

The main chunk of the proceeds will be utilised for setting up production facilities which will produce HT cables and rubber cables.

The remaining portion will be utilised to meet the working capital requirement of the company.

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