Evinix Accessories plans to expand capacity of Noida unit
15 Feb '07
3 min read
Evinix Accessories Limited, manufacturers of fashion accessories, enters the capital market with an IPO of 35, 00,000 equity Shares of Rs. 10 each on 12th February 2007. The price band has been fixed at Rs.100 to Rs.120 per equity share of face value Rs. 10 each.
The issue is being made through 100% Book Building Process, where at least 50% of the issue shall be allocated on proportionate basis to Qualified Institutional Buyers(5% of the QIB portion shall be available for allocation on proportionate basis for Mutual Funds only).
Further not less than 15% of the issue shall be available for allocation to Non-Institutional Bidders and not less than 35% of the issue shall be available for the allocation to Retail Individual Investors on proportionate basis, subject to the valid bid received at or above the issue price. The issue would constitute 32.71% of the fully diluted post issue paid up-equity capital of the company.
Evinix Accessories Ltd. plans to expand the capacity of its Noida unit. Also the company had recently entered into an agreement to acquire a unit at Noida SEZ. The acquired unit manufactures and exports outer wear. The company will be spending Rs. 16.62 crore on the expansion of its manufacturing facilities.
The company is also planning to expand the existing capacity of its Faridabad unit at an estimated cost of Rs. 3.38 crore. Commercial production at the acquired unit has already started. Both expansions are estimated tobe completed by February 2007.
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