The Hindu Business Line : Tulsi Extrusions plans IPO; price band at Rs 80-85

(From left) Mr Pradip Mundhra, Managing Director, Tulsi Extrusions Ltd, with Mr Gopal Das Maheshwari, Non-Executive Director, at a press conference to announce the company’s IPO in Mumbai on Monday. —

Our Bureau

Mumbai, Jan. 28 Tulsi Extrusions Ltd, PVC pipes and fittings manufacturer for the irrigation, industrial, infrastructure and housing sector, is entering the capital market with a public issue of 57,00,000 equity shares of Rs 10 each for cash at a premium to be decided through the 100 per cent book building process.

The price band for the issue has been fixed at Rs 80 to Rs 85. The issue will open on February 1, and will close on February 5.

The issue comprises a reservation of one lakh equity shares and the net issue to the public would be of 56,00,000 shares.

The issue would constitute 45.62 per cent of the fully diluted post issue paid-up capital of the company. The shares of the company are proposed to be listed on both the BSE and NSE.

Out of the total Equity Shares being offered in the issue, 50 per cent will be allocated to qualified institutional buyers, 15 per cent will be allocated to non-institutional investors and 35 per cent will be allocated to retail investors.

The proceeds from the proposed IPO will be used to expand their manufacturing facilities at Jalgaon, to meet their long-term working capital requirements, purchasing of branch offices, provision of contingencies, general corporate purposes and to meet the issue expenses.

The issue is lead managed by Almondz Global Securities Ltd and the registrar to the issue is Intime Spectrum Registry Ltd.