Bajaj Corp To Go Live On The Bourses Today (17-Aug-2010)
The equity shares of Bajaj Corp will go live on the bourses today. Its shares (scrip code: 533229) will list under the ‘B’ group securities of the Bombay Stock Exchange (BSE). The issue price has been fixed at Rs 660 per share i.e. at the higher end of price band of Rs 630-660. The offering had received overwhelming response from investors and was subscribed over 19 times.
The company has managed to mop-up Rs 297 crore through the issue and it plans to utilize the proceeds for promoting its future products, acquisitions, other strategic initiatives and for general corporate purposes.
Bajaj Corp is one of India’s leading FMCG company with major brands in hair care category. The flagship brand, Bajaj Almond Drops, is the market leader in the light hair oil segment with 50% market share. Other product includes Bajaj Brahmi Amla, Bajaj Amla Shikakai and Bajaj Jasmine Hair Oil and oral care products under the brand name Bajaj Black tooth powder. Apart from this, the company also engages third-party manufacturers at Parwanoo, Himachal Pradesh for hair oils and Udaipur, Rajasthan to produce its oral care products. These third-party facilities have a combined installed capacity of 9 million liters per annum. It manages a distribution network that comprises 4,300 distributors.
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