Axita Cotton announces launch of initial public offering
26/12/2018 12:30
Axita Cotton Ltd. has announced public offering of 1752000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 50.00 per share. The gross proceeds of the issue are expected to be Rs 1,051.20 lakhs.

The company's initial public offer (IPO) will open on 27 December 2018 and is expected to close on 02 January 2019, subject to customary closing conditions.

The IPO includes a fresh Issue of 1752000 Equity Shares of the Company at an price of Rs 60.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 2000 shares with bids in multiples of 2000.

Axita Cotton Ltd. anticipates using the proceeds of the issue for Net Incremental Working Capital Requirement The main objects clause of the Memorandum of Association and the objects incidental and ancillary to the main objects enables us to undertake the activities for which funds are being raised in the Issue The existing activities of the company are within the objects clause of the Memorandum of Association Also, we believe that the listing of Equity Shares will enhance the Company’s corporate image, brand name and create a public market for the Equity Shares in India  .

Beeline Broking Limited as lead manager & LINK INTIME INDIA PRIVATE LIMITED is the registrar, to the issue.