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Commercial Engineers' $36 Million IPO opens on Sep 30

By SiliconIndia   |   Wednesday, September 29, 2010
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Bangalore: Commercial Engineers and Body Builders, a designer and manufacturer of vehicle bodies, is all set hit the capital market with an initial public offering of shares on September 30. The company has fixed the price band at Rs.125-127 a share and plans to raise up to Rs.1.72 billion ($35.8 million) through the offering. The issue, which will close on October 5, consists of a fresh issue of Rs.153 crore and an offer for sale of 15,28,587 shares by New York Life Investment Management India Fund (FVCI) II LLC and Commercial Automobiles Private Limited, which is more than Rs.19 crore. The company will utilize around 803 million rupees of the proceeds to set up a unit with a manufacturing capacity of 1,200 wagons and 150 coaches annually. It will also use net proceeds from fresh issue for capital expenditure for the railway project; prepayment of identified loan facilities and general corporate purposes. The company clocked a turnover of Rs.180 crore and net profit of Rs.21 crore for the last fiscal. ICICI Securities and Edelweiss Capital Ltd are the book running lead managers to the issue.
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