Pradip Overseas Ltd. (POL) was originally formed as a partnership firm in the name of M/s. Vishal Textile in April 2005. Subsequently, name was changed to M/s. Chetan Textiles and was converted into private company in June 2005. In August 2006, it converted into a public Ltd. company. In October 2007, Chetan Textiles Ltd., merged the textile division of Pradip Overseas Ltd. and its name was changed to Pradip Overseas Ltd.
POL is into textile manufacturing with niche focus on home linen. POL processes grey fabric and manufactures home textile made ups like beds-sheets, curtains, comforters, quilts (poly/cotton filled), duvet covers, pillow covers and mattress covers. In addition to its range of home linen products, POL also sells fabric for consumption in local as well as international markets. POL’s key markets are India, Europe, USA and Africa. Export turnover for 2008-09 accounted for approximately 47.5% of the overall turnover. Majority of POL’s exports were indirect exports (almost 93% of total exports) i.e. through agents of international retailers.
Issue Objectives
- To part finance the setting up of the proposed manufacturing facility within the proposed Textile SEZ
- To part finance the incremental margin money requirement for working capital
ICRA has assigned an IPO Grade 2 indicating below average fundamentals.
Issue Open: Mar 11, 2010 - Mar 15, 2010
Issue Type: 100% Book Built Issue IPO
Issue Size: 10,600,000 Equity Shares of Rs. 10
Issue Size: Rs. 106.00 to 116.60 Crore
Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 100 - Rs. 110 Per Equity Share
Market Lot: 60 Shares
Minimum Order Quantity: 60 Shares
Listing At: BSE, NSE
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