Orbit Corporation Limited IPO to hit markets on March 20

The Initital Public Offering of Orbit Corporation Limited will open for subscription by investors on Tuesday - March 20, 2007. The company is coming out with an issue of 91,00,000 Equity Shares through 100% book building process. Along with the equity shares the company is attaching one detachable warrant per Equity Share.

The Issue of Equity Shares will constitute 25.09% of the fully diluted post-issue Equity Share capital of our Company prior to conversion of detachable warrants and the Issue shall constitute 40.11% of the Equity Share capital of our Company after conversion of detachable warrants, assuming full conversion of the detachable warrants.

The face value of each stock will be Rs.10. The price band for the issue is fixed at Rs.108 to Rs.117 per share. The issue opens on March 20, 2007 and closes for subscription on March 23, 2007.

Out of the issue, 4,550,000 shares are reserved for Qualified Institutional Bidders (QIBs), 1,365,000 shares to Non-Institutional Investors, 3,185,000 shares to Retail Individual Investors.

The Equity Shares and Warrants offered through this IPO are proposed to be listed on the BSE and the NSE.

Intime Spectrum Registry Ltd is the Registrar to the issue.

Edelweiss Capital Ltd is the Book Running Lead Manager to the issue.

The company's website is Orbit Corporation Limited

Click here to view Orbit Corporation Limited IPO Prospectus

Source : Equity Bulls

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