Stocks

Mold-Tek raises ₹103.6 crore thru QIP issue

BL Hyderabad Bureau | | Updated on: Dec 23, 2021

The QIP committee of the company approved the issue of 14 lakh shares at a price of ₹740 a share as per the SEBI guidelines

Mold-Tek Packaging has ₹103.6 crore through its QIP (Qualified Institutional Placement ) issue at ₹740 a share, which 2.44 per cent (or ₹17.60) more than the floor price of ₹722.40.

The QIP committee of the company approved the issue of 14 lakh shares at a price of ₹740 a share as per the SEBI guidelines, the company informed the BSE.

“Marquee investors like Goldman Sachs India Equity, White Oak India Equity Fund, Aditya Birla Sun Life Trustee Private Limited Pic and ICICI Prudential Smallcap Fund have participated in the issue,” it said.

The company has said it would use the proceeds to fund its foray into Injection Blow Moulding (IBM) products for regulated pharmaceuticals, food and FMCG (fast moving consumer goods) and cosmetics.

“We are also introducing digital packaging through dynamic QR coded packaging, which help our clients to offer traceability and anti-counterfeit solutions,” it said.

“We are setting up new plants at Kanpur, Sultanpur-Hyderabad and doubling its capacity of existing plants in Mysore and Vishakapatnam,” it said.

“Our plans to foray into high value added segments and introduce digital packaging for the first time in India may have attracted many marquee investors,” J Laxman Rao, Chairman and Managing Director of Mold-Tek, said.

Published on December 23, 2021
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