Olympic Cards IPO Opens On March 9

Business Standard:

Olympic Cards Limited, a fully integrated manufacturing company mainly involved in production and sale of Wedding invitation cards, Greeting cards, Visiting cards, Office envelopes, Cloth-lined covers, Student notebooks, Account books, Files, etc. and trading in Screen-Offset printing inks, proposes to enter the capital markets on 9th March 2012 with a public issue aggregating upto Rs 25 crore. The Price Band has been fixed at Rs 30 to Rs 32 per Equity Share of Rs 10 each. The 100% book building Issue closes on 13th March 2012. Ashika Capital Limited is the sole BRLM for the Issue and Cameo Corporate Services Ltd is the Registrar to the Issue. Crisil Ltd has assigned IPO grade 1 to the Issue. The Equity shares of the company are proposed to be listed on the BSE Ltd.

The Company proposes to utilize the net proceeds of the Issue to fund its expansion plan of setting up a new manufacturing unit near Chennai and capital expenditure for establishing 4 own retail outlets of the company. Presently the Company manufactures products from its factory in Chennai. As a part of the expansion plan, it proposes to set up a new factory at Kannigaiper, near Chennai. It has already purchased 5.65 acres of land for the purpose.

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