Aug 17, 2023
By: Katya Naidu
The public offer will open for subscription on August 18 and close on August 22.
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The price band for the offer has been fixed at ₹151-₹166 per equity share of face value of each.
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Investors can bid for a minimum of 90 equity shares and in multiples thereof.
Credit: IANS
The company plans to raise ₹153 crore via the share sale with a fresh issue to the tune of ₹91 crore and an offer for sale (OFS) of ₹61.7 crore.
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It manufactures polymer-based molded products which are used for packaging of agrochemical, chemical, specialty chemical and pharmaceutical products. It has 5 manufacturing units.
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Its revenue from operations has been growing at over 20 percent for the last two fiscal years. Its net profit grew 22 percent in FY23 and 53 percent in FY22.
Credit: IANS
The net proceeds from the fresh issue will be used to pay outstanding borrowings, working capital needs and general corporate purposes.
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Some of its listed industry peers are Time Technoplast, TPL Plastech and Mold-Tek Packaging.
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The company said that the environmental impact of polymer products is damaging, automation may affect its competitiveness and economic, social and political uncertainty can affect its operations.
Credit: Pixabay