Flair Writing Industries Ltd. has introduced opening of its preliminary public providing (IPO) of fairness shares within the price band of ₹288 to ₹304 on Wednesday (November 22). The firm plans to boost funds by way of issuance of fairness shares of face worth ₹5 every aggregating as much as ₹593 crore.
The provide includes contemporary problem aggregating as much as ₹292 crore and a proposal on the market aggregating as much as ₹301 crore.
The firm, in session with the Book Running Lead Managers, undertook a pre-IPO placement of 24,01,315 fairness shares at a problem price of ₹304 per share for a money consideration aggregating to ₹73 crore on November 10.
The dimension of the contemporary problem has been decreased to as much as ₹292 crore. Bids will be made for no less than 49 fairness shares and in multiples of 49 shares thereafter.
The firm proposes to utilise web proceeds from the contemporary problem in direction of establishing a brand new manufacturing facility for writing devices in Valsad in Gujarat at an estimated price of ₹55.99 crore, funding capital expenditure of the corporate and its subsidiaries at an estimated quantity of ₹86.75 crore, funding working capital necessities of the corporate and its subsidiaries at an estimated quantity of ₹77 crore, and compensation/pre-payment, partly or filled with sure borrowings availed by the corporate and its subsidiaries at as much as ₹43 crore. The stability quantity shall be utilised in direction of normal company objective.
