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V-Guard plans Rs70 crore IPO

V-Guard plans Rs70 crore IPO
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First Published: Tue, Jul 03 2007. 12 56 PM IST
Updated: Tue, Jul 03 2007. 12 56 PM IST
PTI
Kochi: V-Guard, one of India’s leading electrical and electronic brand, will enter the capital market by October with an initial public offer of about Rs 70 crore.
The public issue was aimed at raising funds to augment production capacity, enhance research and development facilities and strengthen the market presence of V-Guard products across the country, Kochouseph Chittilappilly, Managing Director, V-Guard, told mediapersons here.
‘Along with an IPO, the company has plans for an ESOP to the extent of 4% of the share capital of the company´, he said, adding ‘this ESOP will increase the total stake of employees in the company to 8% of the equity capital´.
The company had achieved a turnover of Rs 241 crore in the last fiscal 2006-07, and was looking at a 30 - 40% increase in the coming year.
The projected turnover for the current financial year is Rs 320 crore and it had targetted Rs 600 crore turnover by 2010, he said.
The company had achieved a profit of Rs 13.32 crore during last fiscal compared to Rs 9.21 crore during 2005-06, he said, adding the gross sales last financial year was worth Rs 241.15 crore while it was Rs 184.08 crore in the previous year.
The company was planning to go in for an extensive branch expansion across north India. In 2006 nine branches had been opened, taking the total number of branches to 15. This would be further expanded in the months to come.
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First Published: Tue, Jul 03 2007. 12 56 PM IST