| Bajaj Corp IPO Opens On August 2 |
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| Market News - Business News | |
| Written by Mediabharti Syndication Service | |
| Friday, 30 July 2010 | |
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Mumbai (India): Bajaj Corp Limited, one of India's leading producers of hair oils, proposes to enter the capital markets on August 2 with its Initial Public Offer of 4,500,000 equity shares of Rs.5/- each. The Price Band has been fixed at Rs.630 to Rs.660. The Issue closes on August 4 for QIBs and on August 5 for Retail and Non-Institutional Bidders. The Issue has been graded by CRISIL as IPO Grade 4/5, indicating that the fundamentals of the IPO of the Company are above average. Kotak Mahindra Capital is the sole Book Running Lead Manager for the Issue and Karvy Computershare is the Registrar to the Issue. The Issue, which will be through a 100% book building process, shall constitute 15.3 % of the post- issue paid up equity capital of the Company. At least 60% of the Issue shall be allocated on a proportionate basis to qualified institutional buyers, not less than 10% of the Issue shall be available to non-institutional bidders and not less than 30% of the Issue shall be available to retail individual bidders. Out of the net proceeds of the Issue, the Company intends to use Rs. 220 crores for promotion of future products in the personal care segment and Rs. 50 crores for acquisitions and other strategic initiatives. The Company seeks to leverage the success of its Bajaj Almond Drops Hair Oil brand by launching four products in the personal care segment. Further, the Company also seeks to consolidate its position in the fast moving consumer goods ("FMCG") segment by continuously evaluating inorganic acquisition opportunities. |
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| Last Updated ( Friday, 30 July 2010 ) | |
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