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MUMBAI:
Optical storage device maker Euro Multivision Ltd (EML) has
filed the draft Red Herring Prospectus with the Securities
and Exchange Board of India (Sebi) to enter the capital market.
Euro
Multivision, the second largest Indian manufacturer of VCDs
and DVDs after Moser Baer, plans an Initial Public Offering
(IPO) of 88,00,000 equity shares of Rs 10 each for cash at
a price to be decided through a 100 per cent book-building
process.
The
Issue will constitute 36.97 per cent of the post issue paid
up capital of the company.
The
issue comprises a net issue to public of 8,600,000 shares
of Rs 10 each, with 200,000 shares reserved for employees.
EML is considering a pre-IPO placement subject to a minimum
net issue to the public being 25 per cent of the post issue
paid-up capital of the company. The shares are to be listed
on the Bombay Stock Exchange (BSE) and National Stock Exchange
(NSE).
EML
is also foraying into solar energy and solar photovoltaic
cells and plans to use the proceeds from this issue and the
term loan component meet fund requirements for these initiatives
as well. EML proposes to build a photovoltaic solar cell manufacturing
unit with a capacity of 40MW per year at a total cost of Rs
1,675,600,000 at Taluka Bhachau in Gujarat’s Kutch region.
The company proposes to set up this photovoltaic plant in
a Special Economic Zone to be developed by them.
The
Book Running Lead Manager to the Issue is Anand Rathi Securities
Limited.
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