CRISIL reaffirms IPO grade 3/5 to Mandhana Industries IPO

CRISIL Research has come out with its report on Mandhana Industries' IPO. It has assigned CRISIL IPO grade 3/5 to the IPO. MIL aims to raise approximately Rs. 950-1000 million by the proposed public issue of 3,775,000 equity shares (1,258,333 warrants convertible into shares after 18 months) of face value Rs 10. CRISIL Research's report on Mandhana Industries' IPO: CRISIL has reaffirmed CRISIL IPO Grade 3/5 to the proposed initial public offer of Mandhana Industries Ltd (MIL). CRISIL Research has undertaken a fresh grading exercise for MIL as the grading assigned to the company on Feb 26, 2008 had expired. This grade indicates that the fundamentals of the issue are average relative to other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the... [read full story]