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Jyothy Lab taps market

Corporate Reporter

CHENNAI: Jyothy Laboratories Ltd., a fast moving consumer goods (FMCG) company, has entered the capital market with an initial public offering of 44.30 lakh equity shares of Rs. 5 each through an offer for sale by the selling shareholders through a 100 per cent book-building process. The offer, which opened on November 22, closes on November 27.

The price band has been fixed at Rs. 620-690.

Addressing presspersons here on Thursday, M. P. Ramachandran, Chairman and Managing Director, said the company was in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the market. Ujala, Jeeva and Maxo were some of the companies’ national brands. Besides, the company had ventured into the business of coffee, tea and spiritual / astrological dhoops.

He said the primary objectives of the offer were to achieve the benefits of listing of the company’s equity shares and carry out the divestment process.

The company has 21 manufacturing units at 14 locations across the country. The offer will constitute 30.52 per cent of the fully diluted post-offer paid-up capital of the company.

The company has reported a total income of Rs. 374.51 crore in the year ended June 30, 2007 against Rs. 314.05 crore in the corresponding period in the previous year. The net profit was Rs. 48.14 crore against Rs. 46.59 crore in the period under reference.

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