MUMBAI, June 9 (Reuters) - Plywood maker Archidply Industries
Ltd plans to raise up to 528 million rupees through an initial
public offer of shares and would use the fund to set up two new
units, senior officials said on Monday.
The company plans to scale up its manufacturing capacity to
45 million square metres from 22 million square metres, Joint
Managing Director, Shyam Daga told reporters.
It would set up a new particle board making unit in the
southern state of Karnataka and another unit in the northern
state of Uttarakhand to manufacture medium density fibreboard,
Chairman and Managing Director, Deen Dayal Daga said.
The company expects good demand for its products due to the
boom in the real estate and infrastructure sectors, they said.
"The replacement market is also huge with the change in
consumer preference," Shyam Daga said.
The company is offering 6.61 million shares or 30.07 percent
of the post-issue paid-up capital, at a price band of 70-80
rupees per share, valuing the company at 1.76 billion rupees at
the upper end of the price band.
The issue, which opens on June 11 and closes on June 17,
2008, is lead managed by Motilal Oswal Investment Advisors Pvt
Ltd.
(Reporting by Kaustav Roy; Editing by Prem Udayabhanu)
(([email protected]; +91-22-6636-9056, Reuters
Messaging: [email protected]))
Keywords: ARCHIDPLY IPO/