The Hindu Business Line : Bartronics to set up smart card, RFID tag unit

Bartronics India Ltd, a barcode and radio frequency identification (RFID) solutions provider, plans to establish an Rs 262-crore facility to manufacture smart cards and RFID tags.

To part-fund the expansion plan, the company is on course to raising its authorised capital from Rs 17 crore to Rs 30 crore and plans to offer equity shares to promoters and qualified institutions.

The Managing Director of Bartronics India, Mr Sudhir Rao, told Business Line that the backward integration project is a logical step towards tapping a large market for smart cards and RFID business in India and the region.

As part of the fund-raising exercise, the company would also issue 46.3 lakh preferential shares to the promoters.

Providing details about the project, Mr Rao said that the project would go on commercial production from April 1, and most of the equipment for the project were already in place and trial runs and training of the staff would commence shortly.

Of the Rs 262-crore investment, Rs 170 crore was for plant and machinery and Rs 45 crore for land and related infrastructure and Rs 25 crore would be for Visa and Master Card certification.

While Rs 100 crore would be raised through qualified institutional placements, Rs 60 crore would come from placement of 44 lakh shares with promoters and another Rs 65 crore would be from term loans.

The company has partnered with Watch Data, a Singapore based company, and German company Muhl Bauer and ST Micro.

Bartronics had raised Rs 48 crore through IPO in January last.

At the BSE, Bartronics shares ended the day higher at Rs 135.70 as against the previous close of Rs 132.55.

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