The Dewan Farooque Spinning Mills Limited (DFSML) has recently published its prospectus for offering 15,000,000 IPO of its ordinary shares to the general public. The subscription list will open on April 27 and will close on April 28, 2005. The issue has been fully underwritten by reputed financial institutions. The group's annual turnover exceeds Rs 42 billion and it employs more than 12,000 people.
DFSML BoD member Dewan Abdul Baqi and the group's CFO Farrukh, V Junaidy, in a presentation before members of the KSE, have regarded this latest venture by the group as a qualitative value addition to its portfolio of textile units.
Sponsors have injected Rs 350 million as equity, while pre-IPO placements of Rs 100 million have been made with nine major financial institutions. Rs 650 million were raised as debt against PPTFCs from various banks and DFIs, thus bringing the debt to equity ratio to 52:48.-PR