Veena Industries, a part of the Agarwal group, has filed the DRHP with Sebi on 11/4/07 to enter the capital market with an IPO of equity shares. The company proposes to offer 45,66,600 equity shares of the face value of Rs 10 each including reservation for employees of 50,000 equity shares. The net issue to the public of 45,16,600 equity shares would constitute 34.97% of the fully diluted post issue paid-up capital of the company.
The BRLM to the issue is SPA Merchant Bankers. The shares are proposed to be listed on the BSE and NSE.
The proceeds from the issue will be used for setting up additional facilities for silent generator sets at Waki, Pune, to augment long term resources for working capital requirement, for general corporate purposes and to meet the cost of the issue.
The company started manufacturing canopies for Atlas Copco India at MIDC Bosari in Maharashtra in 1980. In the year 1996 it set up a world class manufacturing facility at Nanekarwadi in Pune to meet the demand in terms of quality and quantity, for canopies from Atlas Copco. This consisted of CNC laser cutting, CNC bending, welding and finishing. In 1999 it started manufacturing of X-ray equipment for GE Medical Systems and Trailers and Under-carriages for Atlas Copco compressors. It has also decided to become a product manufacturer and the idea of manufacturing silent gensets took shape. Again in 2004, gensets and soundproof canopies were developed & sold under the brand name of Automech.