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MR SANDEEP P. ENGINEER (right), Managing Director, Astral Poly Technik Ltd, and Mr Hiranand Savlani, Chief Financial Officer, at a press conference in Mumbai on Thursday. — Paul Noronha

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Mumbai Feb. 8 Astral Poly Technik Ltd, manufacturer of plastic pipes and plumbing products, aims to enter the capital market on February 14 with a public issue of 29.71 lakh equity shares of Rs 10 each at a price of Rs 115, to raise Rs 34.17 crore. The issue will close on February 22.

Out of the total issue, 1.5 lakh equity shares are reserved for employees.

The issue would constitute 26.44 per cent of the post issue paid-up capital of the company.

The company proposes to utilise the net proceeds to part finance expansion of the company's existing facilities in Gujarat and Himachal Pradesh. Earlier, Astral Poly raised Rs 4.16 crore in a pre-IPO placement, selling four lakh shares, at Rs 104 each to Corporation Bank.

Karvy Investor Services Ltd is the lead manager to the issue and Bigshare Services Pvt Ltd is the Registrar.

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