Tentiwal Wire Products SME IPO closes today

Tentiwal Wire Products Ltd.,a Kanpur based manufacturer and supplier of Winding Wires and aluminum extrusions, has come out with an initial public offering of 16,30,000 equity shares of face value of Rs. 10 each at a price of Rs. 13 per equity share (including a share premium of Rs. 3 per equity share) aggregating to Rs. 2.12 crores of which 90,000 equity shares of face value of Rs. 10 each will be reserved for subscription by market maker.

The issue had opened for subscription on December 11 and has closed today i.e. December 16.

The issue and the net issue will constitute 30.05 per cent and 28.39 per cent, respectively of the post issue paid up equity share capital of the company

The objects of the issue are to reduce overall indebtedness of the Company by repayment of the outstanding loan from Aditya Birla Finance Limited (ABFL), general corporate purpose and to meet the issue expenses.

Hem Securities will be the lead manager, however Sharepro Services (India) Private Limited has appointed as a registrar to the issue.

The equity shares offered through this draft prospectus are proposed to be listed on the SME Platform of BSE Limited.