Restile Ceramics

Madalsa International MADALSA INTERNATIONAL is issuing 38 lakh equity shares of Rs 10 each at par for Rs 380 lakh. Out of the issue, 9.20 lakh shares have been reserved for allotment to promoters, directors, etc The balance of 28.80 lakh shares are being offered to the public, of which 1.90 lakh shares have been reserved for preferential allotment to working directors/ employees of the company and the remaining 26.90 lakh shares are available for subscription by the Indian public The issue opens on December 10. Madalsa International, incorporated in 1989, is engaged in manufacture and export of textiles with a capacity of 1.29 lakh metres per annum. In addition the company also gets fabrics manufactured as per its design by small units located mainly in Gujarat and Maharashtra. The company had a turnover of Rs 1,124 lakh during the 15-month period ended December 31, 1990 and a net profit after tax of Rs 118 lakh. The company is setting up another unit at Mandideep in Raisen district of Madhya Pradesh for the manufacture of 5.14 lakh metres pa of blended polyester-based fabrics with the installation of 32 looms. The company's total installed capacity after the implementation of the project will go up to 6.43 lakh metres pa. The looms proposed to be installed will manufacture blends based on any combination of polyester, viscose, cotton, rayon and silk yarns. The total cost of the project is estimated at Rs 380 lakh, with plant and machinery costing Rs 33 lakh. The entire cost of the project will be financed through equity share capital (promoters Rs 92 lakh and public Rs 288 lakh). Commercial production is expected to be commenced by March next year. PNB Capital Services and Fairgrowth Financial Services are the lead managers to the issue.