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BSE-SME listed Majestic Research Servicesand Solutions Ltd. FPO price band set at Rs.106-114 per share

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Mumbai: BSE-SME listed Majestic Research Services and Solutions Ltd has priced its follow-on public offer at a price band of Rs106-114 to raise Rs 10 crore through book-built issue.

The company has received nod from the Registrar of Companies along with all necessary approvals for the FPO, following which the issue will open on Monday, November 28, 2016 and close on Monday, December5, 2016.

The proceeds of the offer will be deployed in funding working capital requirements among others.

The company, which got listed on the SME platform in July 2015, will achieve the distinction of being thefirst company on SME platform to come up with a follow-on offer in the next few weeks.

In June last year, the company had offered 11,20,000 equity shares of the face value of Rs 10 at an issue price of Rs 12.75 each to raise Rs 1,42,80,000.

For the six month period ended September 30, 2016, the company reported 118.7% growth in its net profit to Rs 1.69 crore over the corresponding period last year, driven by increase spending by fast moving consumer goods companies. Revenue for the first half period ended September 30, 2016rose to Rs 9.47 crore, up 75.6% on year.

For the year-end March 31, 2016, the company had posted a net profit of Rs 1.9 crore on revenue of Rs 11.13 crore with earnings per share of Rs 5.

Pantomath Capital Advisors Private Ltd is the lead manager to the issue.

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