The Hindu Business Line : Manaksia to expand metal biz, prepay term debt thru IPO

Kolkata, Dec. 15 Manaksia Ltd expects to raise around Rs 248 crore through a follow-on net public issue (of 1,54,00,000 shares of Rs 2 each for cash at a price band of Rs 140-Rs 160) to expand its metal business (Rs 115.5 crore capex earmarked), for prepayment of certain term debt (Rs 60 crore) and for corporate purpose (the balance amount) as per the company’s new business plan.

The company has 15 manufacturing units in India, and three abroad, and metals and metal products contribute to 80 per cent of the turnover, with packaging products and coils contributing 12 per cent and 7 per cent, respectively.

Mr Basant Kumar Agrawal, Managing Director of the company, told newspersons here today that post-issue, the promoters’ holding will be diluted to the extent of 22.15 per cent from the existing 74.76 per cent.

The issue opens on December 17 and closes on December 19.

The book running lead manager is ICICI Securities.

Manaksia has three international subsidiaries in Nigeria (MINL Ltd), Ghana (Dynatech Industries Ltd), Dubai (Euroasian Ventures fze), and one in India (Mark Steels in Ltd at Purulia, West Bengal.

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