Lagnam Spintex to raise 24.60 cr via NSE-Emerge IPO

Cotton yarn manufacturing company Lagnam Spintex will launch its Initial Public Officer (IPO) at NSE Emerge platform to raise Rs 24.60 crore, a company official said.

The company is setting up an additional manufacturing unit in Rajasthan's Bhilwara district for a total investment of Rs 125.40 crore. The company is manufacturing open end yarn of 16.50 metric tonnes per day and the product is being catered to the needs of domestic and international market, chairman of the company Dwarka Prasad Mangal said at a press conference today.

Managing director of the company, Anand Mangal said that after commencement of new plant, the company will have capacity of manufacturing all types of yarns and their production capacity will increase of 16.5 metric tonnes per day to 35.10 metric tonnes.

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The IPO will open for subscription on September 4 and will close on September 7. The shares will be in a lot size of 3,000 shares and its multiple thereof. The issue price per share is Rs 41 with a face value of Rs 10 per share, director of Holani Consultants Ashok Holani said.