Parin Furniture Ltd. has announced public offering of 3000000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 53.00 per share. The gross proceeds of the issue are expected to be Rs 1,890.00 lakhs.

The company's initial public offer (IPO) will open on 26 September 2018 and is expected to close on 28 September 2018, subject to customary closing conditions. The price band of the issue has been fixed at Rs 60.00-63.00 per share.

The IPO includes a fresh Issue of 3000000 Equity Shares of the Company at an price of Rs 63.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 2000 shares with bids in multiples of 2000.

Parin Furniture Ltd. anticipates using the proceeds of the issue for Repayment of certain Secured Borrowing availed by the Company, Funding the Working Capital Requirements of the Company, General Corporate Expenses, Issue Expenses.

HEM SECURITIES LTD. as lead manager & KARVY COMPUTERSHARE PRIVATE LIMITED is the registrar, to the issue.