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Ador Powertron to enter capital market on Jan 29

Ador Powertron Ltd, the Rs 120-million power electronics company of Ador Group, is entering the capital market with a public offering of Rs 47 million on January 29 to meet its expenditure on future expansion prospects.

According to a company release, the public issue is of 39,00,000 new equity share of face value of Rs 10 each for cash at par aggregating Rs 39 million and offer for sale of 8,00,000 equity shares by the existing members (offerors) at a price of Rs 10 per share aggregating Rs 8 million, jointly referred to as ''the offer'' which will open on January 29 and close on February 2, 2001.

A study made by a reputed business consultancy group, revealed that the company is poised for growth as a result of substantial expenditure outlays in user industries.

Also the company's competence has attracted many international firms not only for tie-ups for technology transfers but also for marketing and vendor sourcing.

With the kind of prospects emerging in the near future in high growth sectors such as telecommunications, railways, power, quality control equipment, there is an urgent need to enhance its capital base from Rs 60 million to Rs 100 million.

Bombay-based Brescom Corporate Advisors Ltd has been appointed the merchant banker for the public issue.

UNI

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