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Our Bureau

Price band fixed at Rs 65-75

SEEKING NEW AVENUES: Mr Ashok Gupta (right), Managing Director, AMD Metplast Ltd, and Mr Mohib N. Khericha, Managing Director, Chartered Capital & Investment Ltd, announcing the company's IPO in Mumbai on Thursday. - Shashi Ashiwal

Our Bureau

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Mumbai Feb.8 AMD Metplast Ltd, a manufacturer of crown caps, plastic closures and PET performs, proposes to enter the capital market with a public issue of 1.02 crore equity shares of Rs 10 each through a 100 per cent book building process. The price band for the issue is Rs 65 to Rs 75.

The issue opens on February 15 and closes on February 23.

The proceeds will meet capital expenditure of Rs 22.58 crore for setting up a new PET preforms line at its existing plant in Neemrana, Rajasthan to double capacity from 4,620 tonnes per annum to 9,240 tonnes. The company currently has the capacity to manufacture 2661.12 million pieces per annum of crown caps and 288 million pieces per annum of plastic closures.

The funds will go to part finance long-term capital needs of Rs 20 crore and repayment of a Rs 12-crore debt.

Chartered Capital and Investment Ltd is the book running lead manager to the issue and Bigshare Services Pvt Ltd is the registrar.

More Stories on : IPOs | Plastics

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