Lux Hosiery Industries To Unveil Rs 10-crore IPO

Posted: Friday, Apr 25, 2003 at 0000 hrs IST
Updated: Friday, Apr 25, 2003 at 0000 hrs IST

Font Size

Feedback

Discuss

New Delhi, April 24: : Kolkata-based Lux Hosiery Industries Ltd is planning to go public with a Rs 10-crore issue priced at a premium of Rs 40 per share. The closely-held Lux Hosiery Industries, which markets undergarments under the brand name Lux, is planning to issue 20 lakh equity shares at Rs 10 each.

The company which is awaiting the Securities and Exchange Board of India’s nod for the initial public offer (IPO) will be listed only on small exchanges like Kolkata and Ahmedabad.

The proposed IPO, which is lead managed by Karvy Investor Services, is to meet the working capital requirements of the company which is estimated to be at Rs 9.5 crore. Post-issue, promoters and associates’ holding will go down to 63.95 per cent and the public will be holding 36.05 per cent, if the IPO is fully subscribed. Just ahead of the issue, promoters Shankuntala Devi Todi and family went for a bonus issue of 28.38 lakh shares and this has brought down their cost of acquisition of each share to just Rs 2 in the company.

While the IPO is priced at Rs 50, book value of the company as on September 30, 2002 was Rs 52.96.

The Lux brand is owned by Biswanath Hosiery Mills Ltd which is an associate company of Lux Hosiery Industries. The company supplies raw materials to the job-work concerns and also provides the design patterns to them.

Post Comments

Comments: (Limit 3,000 characters)

Name		Message
Email ID
Subject

TERMS OF USE:
The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).

I agree to the terms of use.