Rishabhdev Tech

Rishabhdev Technocable has entered the capital market on 4^th June with public issue of 90 lakh equity shares of Rs. 10 each in the band of Rs.29 to Rs.33 and issue is closing on 9^th June 09.

The company went public in June 97 and got its shares listed on Pune and Jaipur Stock exchanges. But since both the exchanges are defunct now, the shares are not traded on these exchanges. The company presently has its manufacturing facilities at Daman for manufacture of industrial control cables, hi-tech data cables, process control instrument signal cables, thermocouple extension and compensating cables etc.

The company is now setting up two new manufacturing units at Daman and Silvassa for manufacturing electrical control and power cables and proceeds to be mobilized from the public issue would get partly used to finance this expansion.

The company will continue to remain a small cap stock with high equity base and with not much high degree of corporate governance. The issue is not well publicized and hence may get cornered to run momentum play on listing. Investment in the issue is not advised.