Sejal Architectural Glass will raise up to INR 1057.3 million through an initial public offering that opened on 9 June and will close on 12 June 2008.
The price of the issue, which includes 9.194 mil…
Sejal Architectural Glass will raise up to INR 1057.3 million through an initial public offering that opened on 9 June and will close on 12 June 2008. The price of the issue, which includes 9.194 million equity shares of INR 10 each, will be decided through a 100% book building process. The price band has been set at INR 105-115. The IPO will constitute 32.84% of the fully diluted post issue paid-up equity capital of the company. The company proposes listing its equity shares on the National Stock Exchange and Bombay Stock Exchange. “The company would use proceedings from IPO in setting up a manufacturing for the production of float glass with an installed capacity of 200,750 metric tonnes per annum at Bharuch in Gujarat”, Sejal Architectural Glass Ltd joint managing director Dhiraj S. Gada told reporters. With an investment of around INR 4.3 billion, the proposed manufacturing unit would be the first greenfield plant to be set up by the company. The new production unit would start commercial operations from March 2009. The company currently has processing facilities for insulating, toughened, laminated glasses and decorative glass. The company has also raised around INR 3.18 billion as long term debt from banks. The setting-up of the greenfield project would be a step toward backward integration for the company and would enable it to control its cost and enhance the quality of glass used for value-added products and brands like Kool Glass, Armor Glass, Fort Glass and Tone Glass, Gada said. The company has appointed Saffron Capital Advisors Pvt Ltd as the sole book running lead manager to the issue.