Jindal Cotex fixes IPO price band at Rs 70-75 per share

Textile company Jindal Cotex, which will come out with its initial public offer on August 27, has fixed the price band for the issue at Rs 70-75 per share to raise about Rs 94 crore.

The Ludhiana-based company, which would issue 1.24 crore shares for public subscription, has fixed the price band for the issue at Rs 70-75, the company said in a press release.

At the upper price band the company expects to garner Rs 93.40 crore while at the lower price band it hopes to raise Rs 87.17 crore.

Up to 50 per cent of the issue would be allocated to Qualified Institutional Buyers, the release said.

The funds of the forthcoming issue would be used mainly for entering technical textile space through investment in wholly-owned subsidiaries -- Jindal Medicot and Jindal specialty Textiles, it said.

Jindal Cotex is engaged in manufacturing acrylic and polyester yarns, including polyester viscose, polyester cotton, and combed and carded yarns, used in the making of apparels, suiting and knitted fabrics.
Source : Economic Times

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