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Pune- based Opal Luxury Time products (Opal), Manufacturer of designer wall and table clocks company is coming out with a fresh issue of equity shares to raise Rs 13 crore via its Initial Public Offer (IPO). Of which Equity Shares of Rs 10 each aggregating to Rs 65 lakh will be reserved for subscription by Market Maker to the Issue.
Post the issue, Opal will be listed on EMERGE - NSE's small and medium enterprises (SME) exchange. The issue is priced at a band of Rs 130-Rs 135 and will be open for subscription between March 25th and 28th. The company plans to use the issue proceeds to invest in moulds, tools and equipments and indigenisation of designs for expanding its manufacturing facility and to enhance its brand building activities. CRISIL Ltd has assigned "CRISIL SME Fundamental Grade 4" indicating 'superior fundamentals' to this proposed issue. IDBI Capital Market Services Limited is the sole Book Running Lead Manager for the Issue and Karvy Computershare Pvt Ltd is the Registrar.