VMS Industries’ Rs 25.75-crore initial public offering (IPO) has opened for subscription today, i.e., May 30, 2011 and will close on June 2, 2011. The price band for the issue has been fixed at Rs 36-40 per share.
Ashika Capital is the book running lead manager to the issue. The company will be using the issue proceeds for modernization of ship recycling plot, setting up of corporate office at Ahmedabad and for long-term working capital requirement.
Meanwhile, ICRA has assigned grade 1/5 indicating poor fundamentals, to the proposed initial public offering (IPO) of VMS Industries. VMS also holds 25% stake in a partnership firm ‘Eternal Automobiles’ which is a dealer of two wheelers for ‘Honda Motor Cycle and Scooter India’.
The company is engaged in ship recycling activities, off-shore support business activities.
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