Architectural Glass IPO price rise

MUMBAI: Sejal Architectural Glass, a glass processing house, hasfixed the price band between Rs 105 and Rs 115 per equity share forits forthcoming public issue. The company proposes to come out witha public issue of 91,94,155 equity shares of Rs 10 each for cash ata price to be decided by the 100 per cent book-building process. The objects of the issue are to raise capital for part financingthe funds required for setting up of a new manufacturing facilityfor the production of float glass and general corporate purposes.Of the total issue, at least 50 per cent of the net issue will beallocated on a proportionate basis to Qualified InstitutionalBuyers (QIBs). Five per cent of the QIB portion will be availablefor allocation on a proportionate basis to mutual funds only. 35per cent of the net issue will be available for allocation on aproportionate basis to retail individual bidders. The issue would constitute 32.84 per cent of the fully diluted postissue paid-up equity capital of the company. The company nowproposes to set up a manufacturing facility for the production Building Glass with an installed capacity of 2,00,750 MT per annum atBharuch in Gujarat, Sejal Architecturals Chairman and ManagingDirector, Amrut S Gada, told reporters here today. The company has already acquired 6,08,540 square meters of land forthis backward integration project and Larsen & Toubro has beenawarded the contract for executing the construction and civilworks, Gada said.