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Sunday, Dec 12, 2004

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Polyplex arm to list on Thai bourse

Virendra Verma

Mumbai , Dec. 11

POLYPLEX Thailand Ltd, a subsidiary of the listed company Polyplex Corporation, is all set to make its debut on the Thailand Stock Exchange with its IPO listing on December 15.

This is the first time that a company of Indian parent is being listed on the Thailand Stock Exchange.

Several Indian companies shares have been listed on NYSE, Nasdaq, London Stock Exchange, Luxemburg Stock Exchange and Singapore Stock Exchange. Companies of India origin have also listed on these stock exchanges. Polyplex Thailand (PTL) has `successfully' completed its initial public offer of 24 crore shares at Thai Baht 6.9 per share (Rs 7.6 per share). The listing of the shares is scheduled for December 15 on the Thailand Stock Exchange. Based on the issue price, PTL has raised Rs 180 crore. The funds raised from the IPO will be used for funding capital expenditure, reducing existing debt and working capital requirement.

The company intends to repay its entire $25-million debt (Rs 110 crore) from the proceeds of the IPO, a Polyplex Corporation official said.

Currently, PTL has a 39,000-tonnes per annum (TPA) capacity of polyester film, which will increase to 52,500 TPA from January 2005. It has undertaken backward and forward integration by manufacturing polyester resins and metalised film.

After this issue, the Polyplex Corporation stake in PTL will come down from 100 per cent to 70 per cent. Even at the issue price, the value of Polyplex's 70 per cent stake holding (56 crore shares) in PTL comes to Rs 425 crore. Based on Friday's closing market price of Polyplex Corporation at Rs 282.50, its total market capitalisation works out to Rs 428 crore.

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