Magnum Ventures has fixed the price band for its initial public offering (IPO) at Rs 27 at lower level and Rs 30 at upper level for equity share of Rs 10 each.
The company is entering the capital markets with an IPO of 1,76,40,750 equity shares for cash at a premium to be decided through a 100 per cent book built issue. The issue opens on August 27 and closes on August 30.
"Magnum Ventures is engaged in trading and manufacturing of paper for more then 25 years and now plans to enter into the hospitality sector by setting up a 4-star business hotel with 212 rooms, conference halls, food and beverages and other facilities at Sahidabad district near Delhi at a cost of Rs 10.63 crore," Magnum Ventures Chairman and Managing Director Praveen Kumar Jain told reporters here today.
It has entered into a management and territory licence agreement with the Country Development & Management Services Pvt Ltd (CDMS), which has the right to offer franchise of the hotel brand Country Inn & Suites by Carlson group, Jain said.
The proposed hotel will be fully operational by April 2009, he added.
The company also plans to modernize its production facilities, at its two paper units by technological upgradation, including replacement of plant and machinery at a cost of Rs 50 crore.
The company is entering the capital markets with an IPO of 1,76,40,750 equity shares for cash at a premium to be decided through a 100 per cent book built issue. The issue opens on August 27 and closes on August 30.
"Magnum Ventures is engaged in trading and manufacturing of paper for more then 25 years and now plans to enter into the hospitality sector by setting up a 4-star business hotel with 212 rooms, conference halls, food and beverages and other facilities at Sahidabad district near Delhi at a cost of Rs 10.63 crore," Magnum Ventures Chairman and Managing Director Praveen Kumar Jain told reporters here today.
It has entered into a management and territory licence agreement with the Country Development & Management Services Pvt Ltd (CDMS), which has the right to offer franchise of the hotel brand Country Inn & Suites by Carlson group, Jain said.
The proposed hotel will be fully operational by April 2009, he added.
The company also plans to modernize its production facilities, at its two paper units by technological upgradation, including replacement of plant and machinery at a cost of Rs 50 crore.
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