Business Daily from THE HINDU group of publications
Saturday, Jan 26, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Jan 26, 2008 ePaper | Mobile/PDA Version |
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Markets
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Public Offer Web Extras - Plastics Our Bureau Bangalore, Jan. 25 Manjushree Extrusions Ltd, a specialty plastic packaging provider, said on Friday that it would offer Rs 35.7 crore of shares in a rights-cum-follow-on public offer to partly finance its new facility for manufacture of PET preform. PET preform is a semi finished product to be used in the manufacture of PET containers. The company plans to supply PET preform to large volume customers. The follow-on public offer of 51,26,100 shares of Rs 10 each at premium of Rs 35 per share would amount to Rs 23.07 crores, Manjushree said in a statement. The offer would open on January, 31 and close on February, 6. SBI has sanctioned a term loan of Rs 18 crore for the company’s expansion project. The new manufacturing unit should be operational from April 1, the company said in a press conference. With the introduction of the PET preform product, the company would be able to add new customers from the packaged water and beverages sector, Mr Vimal Kedia, Managing Director of Manjushree said. This product would push the company’s export to 30 percent from the present seven percent, he added. Mr Kedia said it is cheaper to transport PET preform than finished containers. The rights issue of 42, 10, 800 shares of Rs. 10 each at a premium of Rs. 20 per share to shareholders of record December 24, opened on January 7, and would close on February 6, the company said. The company, which is listed on the Ahmedabad, Calcutta and Gauhati Stock Exchanges, said it plans to list its shares on the Bombay Stock Exchange after the offering closes. More Stories on : Public Offer | Plastics
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