Jindal Cotex launches its IPO

By SiliconIndia   |   Thursday, August 27, 2009
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Bangalore: Jindal Cotex, an Indian textile company has launched its initial public offering in the capital market with over 1.12 crore equity shares. The company is launching with 1.24 crore shares for public subscription with price band for the issue at Rs.70-75. The company is expecting to garner Rs.93.40 crore at the upper price band and Rs.87.17 crore at the lower price band. Up to 50 percent of the issue would be allocated to QIBs(Qualified Institutional Buyers). The raised fund through IPO would be mainly used to enter technical textile space through investment in wholly-owned subsidiaries - Jindal Medicot and Jindal Speciality Textiles. Jindal Cotex is engaged in manufacturing acrylic and polyester yarns, including polyester viscose, polyester cotton, and combed and carded yarns, used in the making of apparels, suiting and knitted fabrics.
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