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MUMBAI: The Daman-based packaging and printing company Radha Madhav Corporation Ltd (RMCL) announced that is coming up with an initial public offer (IPO) of one crore equity shares of Rs 10 each at a premium of Rs 10 per share aggregating to Rs 20 crore.

The offer would open on December 12 and close on December 16.

RMCL already has filed prospectus for the IPO with the Registrar of Companies. The company wants to raise funds for its Rs 50.06-crore expansion project.

The company would be raising the remaining Rs 30 crore, through capital contribution and cash accruals of Rs 6.06 crore and debt funding of Rs 24 crore by State Bank of India and Bank of Baroda.

The equity shares would be listed on the Bombay Stock Exchange. The lead manager for the IPO is UTI Securities Ltd.

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