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Issue Open Date
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NA
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Issue Closing Date
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NA
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Application Money
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100
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Allotment Money
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Price Band
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-
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Minimium Application No.
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Issue Size (Shares)
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13430346
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Market Lot
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Objective
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The objects of the Issue are to:(a) fund capital expenditure at the manufacturing facilities of our Company;(b) fund capital expenditure at our Subsidiaries towards setting up new manufacturing facilities and expansion of existing facilities;(c) fund capital expenditure towards our information technology infrastructure;(d) funding the repayment of a portion of the debt availed by our Company;(e) general corporate purposes; and(f) achieve the benefits of listing on the Stock Exchanges.
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Category
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No. of Shares
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No. of Shares
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Subscription Ratio
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Offered / Reserved |
Bid For |
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Non-Institutional Investors
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Qualified Institutional Buyers
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Retail Individual Investors
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Business Description
We are one of the leading manufacturers of valves, by revenue, in India. We manufacture and supply various typesof ball, triple offset, gate and check valves as well as steam products and have a significant customer base in the oiland gas (including refining and petro-chemical) industry. We also supply our products to customers in theinfrastructure (including pipelines and storage terminals) and process industries (including paint, pharmaceuticals,chemicals, dyes, dye intermediates and fertilisers).We commenced manufacturing operations in Pune in 1990, Milan in Italy in 2006, Coimbatore in 2008, andHouston in the United States in 2009. In addition, we acquired manufacturing facilities for steam products inBremen, Germany in 2009.Our manufacturing plants span an area of approximately 606,600 sq. ft. and are equipped with robotic, CNC andmanual machines. We have robotic facilities for metalizing valve components with specialized coatings and specialpurpose equipment for creating a metallic overlay on valve components.We currently have the capability to manufacture a wide range of ball valves and triple offset valves as well asspecialty valves such as three-way valves, jacketed valves, valves with extended stems, cryogenic valves, valves inexotic materials of construction such as Hastelloy, duplex stainless steel, Inconel and valves for severe serviceapplications. We also automate our portfolio of valves when they are required to be operated, monitored orcontrolled from remote locations. We manufacture and sell specialized emergency shutdown valves and fire proofvalve automation systems.We have received numerous industry and client specific accreditations and certifications which allow us to deliverand supply our products to a wide range of customers. After receiving our first ISO-9001 certificate in the year1997, we have worked to acquire several international quality accreditations for our products and processes aroundthe world, such as American Petroleum’s API Q1, EU’s Pressure Equipment Directive (PED), and Safety IntegrityLevel (SIL) certified products for functional safety. In addition, we have obtained OHSAS 18001 (2007)certification for adhering to global standards in occupational health and safety management from Det Norske Veritasand have also obtained an ISO 9001-2008 certification from our quality management system issued by TUV SudManagement Service GmbH. Our Company has been awarded the designation or “all-India star performer” in thecategory of large enterprises for the years 2005-2006 as well as 2008-09 by Engineering Export Promotion Council.Our Company and our subsidiary, Virgo Valves & Controls Limited has been given a Star One Export House Status.We have also been awarded an Award of Honour by the Instrumentation, Systems and Automation Society in 2005.Our Company has been approved as an “Approved Manufacturer”, “Approved Supplier” or “Approved Vendor” byseveral leading oil and gas companies, and engineering consultants. Further, several of our product lines andproducts have been tested by leading companies and approved for supply to them.As of June 15, 2010, we were executing 746 orders for 232 customers. As on the same date, the total value of ourorder book was Rs. 4,345.70 million. These 746 orders come from 234 customers, of which 684 orders are from ourrepeat customers. Today, we have a customer base of approximately 2300 customers.We have six sales offices in India located at Mumbai, Delhi, Kolkata, Chennai, Vadodara and Pune. Internationally,we have sales offices in Houston, Oklahoma, Milan, Kuala Lumpur, Dubai; Abu Dhabi and Shanghai. In addition toour regular sales and distribution mechanisms, our Subsidiary Vintrol Inc. offers our products to customers in theU.S on a ‘stock and sale’ basis. It stocks our products in its warehouses situated in Oklahoma which enables it tomeet demands of some of its customers promptly.We were founded in 1987 by our Promoters Mahesh Desai and V. Balasubramanian who collectively have over 65years of experience in the valve industry. In 2006, Tano Mauritius India FVCI, a financial investor, invested in ourCompany and continues to be a shareholder of our Company.
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Promoter's Holding
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Total Share Capital
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Offered to Public
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Promoter's Holding (Pre-Issue)
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Promoter's Holding (Post-Issue)
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Address |
277
Hinjewadi Phase I I
Maan (Mulshi)
Pune,
Maharashtra,
411057
Phone : +91- 20 6674 4000
Email : investors@virgoengineers.com
Website : www.virgoengineers.com
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Registrar |
Link Intime India Pvt Ltd.
C-13 Pannalal Silk Compound
L B S Marg
Bhandup
Mumbai
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Listed at |
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BSE, NSE
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Lead Manager |
Edelweiss Capital Ltd
IDFC Capital Ltd.
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Promoters |
Mahesh Desai
V Balasubramanian
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