The initial public offering of up to 1,342,4000 equity shares comprises a fresh issue of up to 1,11,86,000 equity shares

Exxaro Tiles, a leading manufacturer of vitrified tiles, on Friday said it has fixed a price band of Rs 118-120 a share for its initial share-sale. The-three day initial public offering (IPO) will open on August 4, and conclude on August 6, the Gujarat-based Exxaro Tiles announced in a virtual press conference.

The initial public offering of up to 1,342,4000 equity shares comprises a fresh issue of up to 1,11,86,000 equity shares and an offer-for-sale of up to 22,38,000 equity shares by Dixitkumar Patel.

At the upper end of the price band, the IPO will fetch Rs 161.08 crore.

Proceeds from the fresh issue would be utilised towards repaying/prepaying of borrowings, fund its working capital requirements besides utilising it for general corporate purposes.

Promoted by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel, Exxaro Tiles is primarily engaged in the business of manufacturing and marketing of vitrified tiles used majorly for flooring solutions catering to residential and commercial segments. It currently has an over 2,000 dealer network across 27 states.

Pantomath Capital Advisors is the book running lead manager to the issue.

The equity shares will be listed on NSE and BSE.

Source: PTI

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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