The Hindu Business Line : Archidply plans to raise Rs 55 crore

Mumbai, Feb. 8 Bangalore-based Archidply Industries plans to raise about Rs 55 crore in the capital market through an initial public offering sometime in April.

Mr Shyam Daga, Joint Managing Director, Archidply, said the proceeds of the issue will be utilised to set up a Rs 43-crore manufacturing unit for plain particle, pre-laminated and decorative boards at Chintamani, near Bangalore and a Rs 32-crore manufacturing unit for medium-density fibreboard at Rudrapur in Uttarkand.

The balance requirement, inclusive of working capital, would be provided for through term loans and internal accruals. The company is into manufacturing of plywood for the last 30 years with manufacturing facilities at Mysore and Rudrapur. It intends closing down its aging Mysore unit, once the Chintamani plant becomes operational.

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