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Published on 10/06/2019 11:42:04 AM | Source: Dion Global Solutions Ltd

Meera Industries announces launch of initial public offering

Posted in Top Stories| #IPO #Engineering Sector

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Meera Industries Ltd. has announced public offering of 522000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 215.00 per share. The gross proceeds of the issue are expected to be Rs 1,174.50 lakhs. The company's initial public offer (IPO) will open on 13 June 2019 and is expected to close on 18 June 2019, subject to customary closing conditions. The IPO includes a fresh Issue of 522000 Equity Shares of the Company at an price of Rs 225.00 per Equity Share.

The company has fixed the minimum bid lot for the issue at 500 shares with bids in multiples of 500. Meera Industries Ltd. anticipates using the proceeds of the issue for (a) Fund expansion of manufacturing facilities at Sachin, Surat,(b) Fund expenditure for General Corporate Purposes. ARYAMAN FINANCIAL SERVICES LIMITED as lead manager & Karvy Fintech Pvt. Ltd. is the registrar, to the issue.