Empee Distilleries to list around Rs 430-500
Chennai based, Empee Distilleries will list on the bourses on Monday, November 26, 2007. The offer price has been fixed at Rs 400 per share.
Investment Advisor, S P Tulsian said, "Empee Distilleries is likely to list at Rs 430 as against the issue price of Rs 400. Buying is advised upto Rs 430 while profit booking may be made above Rs 450. Share is a good bet for medium term."
"Empee is expected to list at around Rs 450-500. One should book profits", according to R S Iyer of K R Choksey Securities.
The company had entered capital market with a public issue of 48,00,000 shares of Rs 10 each priced Rs 350-400 per share and its issue had subscribed 6.87 times.
It proposed to part-finance its expansion from the net proceeds. The company plans to set up 60 klpd grain based distillery and blending & bottling Indian-made-foreign-liquor plant with capacity of 0.07 lakh cases per month in Nellore, Andhra Pradesh. It plans to expand the existing distillery in Mevalorkuppam.
The company will also set up 7.5 MW biomass based power plant in Aranthangi, and develop 2 lakh square feet of residential space at Mevalorkuppam, in Tamil Nadu.
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