The net proceeds are to fund its capital expenditure for its proposed manufacturing facility at Roorkee besides working capital and general corporate purposes.

April 06, 2021

V-Marc India Ltd., a Haridwar-based Wires and Cables manufacturer, has received bids of 92,49,000 shares against the offered 60,00,000 equity shares, as per the closing data available on NSE. While the Non-Institutional Investor category was subscribed 1.44 times, the portion reserved for retail investors was subscribed 1.80 times. The proposed issuance is to be listed on the Emerge Platform of the National Stock Exchange.

The company showed intent raise Rs. 23.40 crs via fresh issuance of 60,00,000 equity shares of face value of Rs. 10 each which included a reservation of upto 3,00,000 equity shares of face value Rs 10 each for subscription under the “Market Maker Reservation Portion”. The net proceeds are to fund its capital expenditure for its proposed manufacturing facility at Roorkee besides working capital and general corporate purposes.

Also Read: V-Marc India Files for INR 30 Crore SME IPO; to get listed on NSE Emerge

V-Marc sells BIS and CE certified wires and cables under the brand name “V-MARC” out of its two manufacturing facilities in Haridwar, Uttarkhand across a distribution network of more than 650 dealers and multiple retail touchpoints having outreach to 21 states. It caters to a diverse customer base across industries including power, real estate, telecom, and railways.