June 17, 2008 / 1:06 PM / 12 years ago

Somi Conveyor to raise upto 218 mln rupees via IPO

MUMBAI, June 17 (Reuters) - Somi Conveyor Beltings Ltd, which makes rubber conveyor belts, plans to raise about 218 million rupees through an initial public offering (IPO) of about 6.2 million shares.

The price of each share, with a face value of 10 rupees, has been fixed at 35 rupees, according to the draft red herring prospectus filed with the regulator.

The issue, which opens on June 24, comprises a contribution by promoters of 1.5 million shares and a net issue of 4.7 million shares to the public.

The issue will constitute 40 percent of the post-issue, paid-up capital of the company. (Reporting by Aniruddha Basu; Editing by Sunil Nair)

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