Veto Switchgears and Cables IPO opens

Veto Switchgears and Cables, a company engaged in the manufacture and sale of wires & cables and electrical accessories, has opened its public issue of Rs 25 crore for subscription today.

The price band for the issue is at Rs 48-50 per share. Bids can be made for a minimum of 3,000 equity shares and in multiples of 3,000 shares thereafter. Veto Switchgears supplies products under the brands “VETO” and “VIMAL POWER” Also Read
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Bharti Infratel IPO price band set at Rs 210-240/share Veto intends to use issue proceeds for modernisation of existing facility at Hardwar, Uttarakhand (with an outlay of Rs 4.7 crore); financing incremental long-term working capital requirement (with a cost of Rs 15.80 crore); enhancement of brand through advertising and other brand-building activities (with Rs 2 crore); and general corporate purposes. Net profit of the company increased 47 percent year-on-year to Rs 7.22 crore and total revenues rose 29 percent to Rs 68.7 crore in the year ended March 31, 2012. The equity shares are proposed to be listed on the SME Platform (In normal market) of the NSE - EMERGE. The book running lead manager to the issue is Keynote Corporate Services Limited and co-book running lead manager is Indian Overseas Bank.