Euro Multivision IPO opens on Sept 22, 2009

Maker of Compact disc, Euro Multivision Ltd, which hopes to raise about Rs 66 crore through its initial public offer (IPO), would hit the Capital Market on 22nd September 2009, for subscription by investors. The IPO will close on 24th September 2009.

The company is coming out with IPO of 88,00,000 equity shares of Rs 10 each for cash through 100% book-building process and the price band is Rs 70-75. The has reserved 2 lakh shares to be given to the employees of the Company from the issued shares. The Company will use the proceeds of the IPO to raise resources for the company's photovoltaic solar cell manufacturing unit in a SEZ at Bhachau in Gujarat's Kutch district. The company intends to surge into solar energy space. The plant, which will be built at a cost of Rs 178.03 crore, will have an annual capacity of 40 MW.

Anand Rathi Advisors Limited is the Book Running Lead Manager to the issue. Anand Rathi Advisors Limited is also the Syndicate Member for the issue. Link Intime India Private Limited is the registrar to the company.
The IPO has been rated Grade 2 by ICRA.