Rishabhdev Technocables FPO subscribed 2 times
The follow-on public offer (FPO) of Rishabhdev Technocables aggregating around Rs 30 crore will close today. The issue had opened on June 4, 2009. The FPO received 1,38,70,600 bids as against issue size of 68,54,500 shares and was subscribed 2.02 times. The price band has been fixed between Rs 29 and Rs 33 a share.
Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.
Rishabhdev Technocables currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient. The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.
Its shares are currently listed on the Pune and Jaipur stock exchanges and the Company now proposes to list on Bombay Stock Exchange.
The book running lead managers are IDBI Capital Market Services and PL Capital Markets Pvt. Ltd. while the co-book running lead manager is Ashika Capital Ltd