Bajaj fixes IPO price band at Rs 630-660/share; opens on Aug 2 | business | Hindustan Times
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Bajaj fixes IPO price band at Rs 630-660/share; opens on Aug 2

Hair oil producer Bajaj Corp today fixed a price range of Rs 630-660 per share for its IPO, which opens on August 2.

business Updated: Jul 28, 2010 16:09 IST

Hair oil producer Bajaj Corp today fixed a price range of Rs 630-660 per share for its IPO, which opens on August 2.

Bajaj Corp is coming out with initial public offer of 45 lakh shares of Rs 5 and at the upper end of the price band the company would be able to mop-up up to Rs 297 crore.

The issue closes on August 4 for QIBs and on August 5 for retail and non-institutional bidders, the company said in a statement.

Out of the net proceeds of the issue, the company intends to use Rs 220 crore for promotion of future products in the personal care segment and rest money for acquisitions and other strategic initiatives.

The offering, which will be through a 100 per cent book building process, shall constitute 15.3 per cent of the post-issue paid up equity capital of the company.

The company seeks to leverage the success of its Bajaj Almond Drops Hair Oil brand by launching four products in the personal care segment, it added.

Kotak Mahindra Capital is the sole book running lead manager to the issue.