Pradip Overseas IPO to open on March 11

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Pradip Overseas, a textile manufacturer with niche focus on home linen products of both, is entering capital market with an initial public offering (IPO) of 1.06 crore equity shares of Rs 10 each on March 11, 2010.

The issue comprises 5 lakh equity shares reserved for subscription by eligible employees and a net issue to the public of 1.01 crore equity shares. The issue will constitute 26.26% of the fully diluted post issue paid-up capital of the company. The issue will close for subscription on March 15.

The objects of the issue are (1) to part finance the setting up the proposed manufacturing facility within the proposed textile SEZ and (2) to part finance the incremental margin money requirement for working capital.

As per the DRHP filed in January 2009, promoters' holding will be reduced to 68.68% from 93.16% post issue.

The book running lead manager to the issue is Anand Rathi Advisors Limited and Intime Spectrum Registry Limited is the registrar.