BGIL coming up with an IPO to raise Rs 54 crore

Posted By: Religare
Subscribe to GoodReturns

BGIL coming up with an IPO
Bharatiya Global Infomedia: Quotes, News
BSE 5.32BSE Quote0.19 (3.57%)
NSE 4.90NSE Quote0.25 (5.10%)
Bharatiya Global Infomedia Ltd (BGIL) intends to raise around Rs 50-54 crore through initial public offer (IPO). The company is entering the capital market with a public issue of 67.2 lakh equity shares of Rs 10 each. The bid will open on July 11, 2011 and close on July 14, 2011 by diluting 42.42 per cent of equity stake.

The finances collected will be used in its upgradation of digital post production studio, investment in IT division and setting up of corporate office at Noida and branch office in Mumbai, expansion of R&D technology centre; repayment of bank borrowings of around Rs five crore; and long-term working capital requirements.

The company plans to spend Rs 13.65 crore in upgradation of digital post production studio and Rs 8.39 crore in investment in IT division. This Issue is being made through a 100% Book Building Process wherein not more than 50%, 15% and 35% of the Issue to Public shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, Non Institutional Bidders and Retail Individual Bidders respectively.

The company has fixed a price band of Rs 75-82 a share for the issue and proposes to raise around Rs 50 crore on the upper band of an IPO.

The book running lead manager to the issue is Almondz Global Securities Limited while Karvy Computer share Private Limited is the registrar.

The Equity Shares offered through this IPO are proposed to be listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).

BGIL is a technology based company focusing on sectors such as information technology security and compliance automation software solutions and technology related to media and entertainment industry with focus on research and development. Its current business operations consist of information technology based solutions-RFID & smart card and digital post production studio.

Read more about: ipo, bgil, bse, nse
Story first published: Saturday, July 9, 2011, 9:30 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'