Date:03/01/2006 URL: http://www.thehindubusinessline.com/2006/01/03/stories/2006010302861500.htm

Back Nitin Spinners plans to raise Rs 49 crore through IPO

Our Bureau

Mumbai , Jan. 2

NITIN Spinners, a textile company, plans to raise Rs 49 crore through an initial public offering.

The price band of the issue through book-building process has fixed between Rs 18-21. The issue opens on January 6 and closes on January 12, the company said in a release.

Of the total issue size of Rs 49 crore, Rs 9 crore is promoters' contribution.

The fund raised through IPO is to implement a Rs 150-crore project.

The equity shares of the company would be listed on the Bombay Stock Exchange and the National Stock Exchange.

Nitin Spinners is engaged in manufacturing of combed and carded cotton yarns. These yarns are suitable for applications such as apparels, undergarments, terry towels, denims and others products.

The total income of the company was Rs 81.74 crore in 2004-05 and the net profit was Rs 2.88 crore. In the first half of current fiscal, total income was Rs 49.67 crore and net profit Rs 3 crore.