Ador Powertron to go public

PUNE: Ador Powertron Limited (APL) — a Rs 12 crore power electronics company and a part of the Ador group - has come out with a public offer of Rs 4.7 crore. The issue opens on January 29, 2001 and will close for subscription on February 2.

APL will be offering 39,00,000 new equity shares of the face value of Rs 10 each for cash at par aggregating Rs 3.9 crore and an offer for sale of 8,00,000 equity shares by existing members at a price of Rs 10 per share aggregating Rs 80 lakh.

Giving details about the public issue at a press conference held at Pune, AT Mirchandani, chairman, APL, stated that the proceeds of the issue would be used to finance the cost of enhancing the present infrastructure and facilities of the company.

Following the public issue, the Ador group stake will reduce to 40 per cent from the existing 79 per cent while 60 per cent will be held by the public at large including the employees and directors.

``With the kind of prospects emerging in the near future in high growth sectors such as teelcommunications railways, power, quality control equipment, the needs was felt for enhancing the capital base from Rs. 6 crore to Rs. 10 crore,’’ SV Hasabnis, executive director said.

He said that the company was coming out with a series of new products with a market opportunity worth Rs. 100 crore. APL has already developed and supplied PRECICOM-I software, that is a centralised system communicating with individual controls for integrating, editing, monitoring and optimising the parameters of the individual controls of electrostatic precipitator.