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MUMBAI, Nov 13 (Reuters) - Household care products maker
Jyothy Laboratories Ltd on Tuesday set a price band of 620-690
rupees for its initial public offering of 4.43 million shares,
representing 30.52 percent of the post-issue paid-up capital.
Selling shareholders include Canzone Ltd, ICICI Bank, South
Asia Regional Fund and CDC Investment Holdings.
"P.E.'s (private equity investors) would divest their entire
holding," Deputy Managing Director, K. Ullas Kamath said at a
press conference. "This is a platform we have used to give exit
to the existing private equity."
The company, which draws about 40 percent of its revenues
from its flagship fabric care brand 'Ujala', plans to expand the
category and others through widening distribution across India,
said Kamath.
Jyothy Laboratories also plans to set up a plant initially
for 'Ujala'-- which has been growing at 21 percent a year between
2004-2007 -- in Bangladesh to service the market, he added.
It also plans to acquire firms in its key categories. The
company operates in the household insecticide, surface cleaning,
personal care and air fragrance segments.
In the year ending June 2007, the company reported a profit
before tax of 588 million rupees on total income of 3.7 billion
rupees.
Jyothy Laboratories will not receive any proceeds from the
offer and the shareholding of the founders and founder groups
would remain at 68.48 percent post-issue.
Kotak Mahindra Capital and Enam Securities are the lead
managers to the issue that is open between Nov. 22 and Nov. 27.
(Reporting by Jasudha Kirpalani, editing by Harish Nambiar and
Sunil Nair)
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Keywords: JYOTHY IPO/