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V-Guard to tap market

MUMBAI: V-Guard Industries, a company engaged in the manufacturing and marketing of electrical and electronic products, on Wednesday announced a price band of Rs. 80 to Rs. 85 for its forthcoming Initial Public Offer (IPO) of 80 lakh equity shares of Rs. 10 at a premium.

The issue will constitute 26.80 per cent of the fully diluted post issue paid up equity share capital of the company.

The company is expected to raise Rs. 68 crore at the upper end of the price band. Crisil has assigned an IPO Grade of three on five to the proposed IPO.

The capital raised from the issue would be deployed to set up cable manufacturing facilities in Coimbatore and Uttaranchal, enamelling plant in Coimbatore, development and pilot production plants for water heaters, fans and pumps in Himachal Pradesh and Coimbatore and service and distribution centres in Bangalore, Hubli and Vijayawada.

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