SME: Ashapura Intimates IPO to open on March 28

Mumbai-based garments manufacturer and retailer Ashapura Intimates Fashion is going to launch its public issue of 52.5 lakh equity shares of Rs 10 each on March 28, 2013.

The price band for the issue, which closes on April 4, is fixed at Rs 40 per equity share. Bids can be made for minimum 3000 equity shares and in multiples of 3000 shares thereafter.

The company proposes to utilize issue proceeds of Rs 21 crore for setting up 10 exclusive brand outlets (EBOs); branding and marketing set-up; investment in the equity shares of group company; modernization of machineries; working capital requirements; and general corporate purposes.

Ashapura Intimates reported net profit of Rs 1.65 crore on total income of Rs 57.47 crore for the period of six months ended September 2012.

Equity shares are proposed to be listed on Bombay Stock Exchange under SME platform.

KJMC Corporate Advisors (India) Limited is a book running lead manager and Link Intime India Private Limited is the registar to the issue.

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