Euro Multivision, engaged in the manufacture of CDRs and DVDRs, has filed its DRHP with SEBI on 11/01/08 to enter the capital market with a public issue of 88 lakh equity shares of Rs 10 each at a price to be decided through a 100% book building process. The issue comprises a net issue to the public of 86 lakh equity shares and a reservation of up to 2 lakh equity shares to the employees. The issue will constitute 36.97% of the post issue paid up capital of the company.
The equity shares are proposed to be listed on BSE & NSE. The BRLM to the issue is Anand Rathi Securities.
The company proposes to use the proceeds from the issue to part finance the construction of the photovoltaic solar cell manufacturing unit with a capacity of 40 MW per year at a total cost of Rs 167.56 crore at Kutch, Gujarat. The proposed unit will be set up in SEZ, to be developed by the company.
Incorporated in 2004, the company has set up a plant for the manufacture of CDRs and DVDRs in Kutch. It commenced commercial production in April 2005, with five manufacturing lines having an installed capacity of 720 lakh units of CDRs and 72 lakh units of DVDRs, a year. Subsequently, the company expanded its capacity by adding another five lines in the second half of financial year 2006-07, taking the total to 10 manufacturing lines with a total installed capacity of CDRs to 1,800 lakh units a year. These lines are interchangeable and are convertible to manufacture DVDRs as and when the requirement arises. The major parts of the manufacturing facility are procured from VDL ODMS b.v. Netherlands.
For the year ended March 31, 2007, the company recorded an income of Rs 59.14 crore and net profit of Rs 6.19 crore as compared with an income of Rs 44.76 crore and a net loss of Rs 1.29 crore for FY06. For the six months ended 30th September, 2007, the company posted an income of Rs 47.21 crore and a net profit of Rs 6.62 crore.