C Mahendra Exports Limited IPO : ICRA gives 2 out of 5 Grade

by khalid on 03/01/2011 · 2 comments

C Mahendra Exports Limited IPO has got 2 out of 5 by ICRA (rating agency) and this rating/grading is Below Average fundamentals for a diamantaire and Jewellery Company IPO. The grade 2 indicates that the fundamentals of the IPO are Below Average compared to the other listed securities in India. The company is entering into primary market with an Initial Public Offer (IPO) of 15,000,000 Equity Shares of Rs 10 each. The IPO is opening on 31st December 2010. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has been fixed at Rs 95 – Rs 110 Per Equity Share. C Mahendra Exports Ltd is one of the leading diamantaire and Jewellery Company, engaged is in the business of manufacturing and trading of diamonds, precious stones and jewellery.

Issue Detail:-
Issue Open : 31st Dec 2010 – 6th Jan 2011
Issue Type : 100% Book Built Issue IPO
Issue Size : 15,000,000 Equity Shares of Rs 10 each
Issue Size : Rs 142.50 – 165.00 Crore
Face Value : Rs 10 Per Equity Share
Issue Price : Rs 95 – Rs. 110 Per Equity Share
Minimum Bid Quantity : 60 Shares (Rs. 6600 with 1 Lot) @ upper level of price band
Maximum Bid Quantity : 1800 Shares (Rs. 198000 with 30 Lots ) @ upper level of price band
Listing At : BSE, NSE

Maximum Subscription Amount for Retail Investor : Rs. 200000

The objects of the fresh issue :- The proceeds from the IPO are proposed to be utilized to finance setting up of a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat, finance setting up a jewellery manufacturing unit at Mumbai, finance setting up retail outlets, finance brand development expenses, investment in capital of C. Mahendra BVBA, general corporate purposes and achieve the benefits of listing on the Stock Exchanges.

Stay tuned to BelltheBull Blog for more news on C Mahendra Exports Limited IPO !

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{ 2 comments… read them below or add one }

Rajesh January 3, 2011

The issue is getting Good Subscription but Retail should not Invest in this Kind of issue.

Reply

khalid January 3, 2011

Hi Rajesh,

Thanks for your opinion on the IPO of C Mahendra Exports Limited, ICRA too gives 2 out off 5 which shows below averge……..

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