Mumbai, May 12: Aksh Optifibre Ltd, a Haryana-based optical fibre and cables manufacturere, is planning to go public, offering 59.6 lakh shares of Rs 5 each.The company's maiden float, planned through a combination of book-building and fixed price offering, is likely to open sometime in the middle of June.The company is offering 44.7 lakh shares for book-building while the fixed price portion consists of 14.9 lakh shares.
Aksh is planning to further expand capacities and to integrate backwards into manufacture of intermediate products used in making optic fibre and cables.
This exercise is expected to give value-addition, giving it operating economies arising from cost reductions, compared to the costs involved in importing optic fibre and FRP rods.
The total cost of the project has been estimated at Rs 41.24 crore and ICICI Ltd which has appraised the project has also part funded it to the extent of Rs 6.87 crore.
The company's plant is located at Bhiwandi in Rajasthan. During 1999-2000, the company recorded a profit of Rs 5.34 crore on gross sales of Rs 99.30 crore. The earnings per share (EPS) stood at Rs 4.37 on an equity capital of Rs 6.11 crore.
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