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NT Bureau
Chennai, Sept 28:

        Gandhinagar-based Circuit Systems (India) Ltd is tapping the capital market with its maiden public issue of 42 lakh equity shares of Rs 10 each for a premium of Rs 25 per equity share aggregating to Rs 14.85 crore for expansion project.

        The fund to be raised includes the promoters' contribution of Rs 4,.37 crore and the IPO has opened on 27 September to close on 5 October. The expansion project involves setting up a new unit in the Gandhinagar Electronic Park (SEZ) developed by the Gujarat Industrial Development Corporation in Sector 25 of Gandhinagar.

        GIDC has allotted 23,405 sq m of land on lease to the company subject to the latter fulfilling the terms of licence agreement. The project includes expenditure on the new project to the tune of Rs 18.43 crore, acquisition of the company to the tune of Rs 2 crore and working capital needs to the tune of Rs 4 crore.