The corporate has mounted the associated fee band within the vary of Rs. 54 to Rs. 61 according to percentage and plans to boost Rs 45.14 crore from the problem (on the higher worth band). The factor contains a recent factor of 74 lakh fairness stocks and can be indexed at the Emerge platform of the National Stock Exchange,
Beeline Capital Advisors Private Limited is the Book Running Lead Manager to the problem and Link Intime India Private Limited is remitted to be the Registrar to the problem.
The corporate manufactures PP non-woven material in quite a lot of sizes and densities as much as 4.5 meters in dimension and 15 GSM to 800 GSM. Non-woven material is extra ecological for sure programs, particularly in fields and industries the place disposable or single-use merchandise are essential, similar to natural farming, hospitals, well being care, nursing houses, house furnishing, automobile upholstery seat fabrication, Mattress & furnishings masking, an ecological packaging, commercial and client items. Its production facility is positioned at Simaj of Dholka Taluka within the Ahmedabad District of Gujarat and provides proximity to close about shipping hubs. The production facility is unfold throughout 41,548 sq. meters and put in with a 3600 MT PP non-woven material capability according to annum.
The corporate is making plans for growth via including new merchandise within the technical textile. The equipment will additional building up put in capability to fabricate further 1200 tonnes according to yr and 24 lakh sq. meters with this extension.
Of the full factor dimension of 74 lakh stocks, the corporate has allotted 35.10 lakh stocks for Qualified Institutional Buyers and 10.56 lakh stocks for Non-Institutional Investors. For retail buyers, the corporate has put aside 24.62 lakh stocks for allotment.
The proceeds of the problem will likely be used in opposition to the development of the manufacturing facility shed (Rs 3.71 crore), commissioning of a sun plant (Rs 4.89 crore), acquire of equipment (Rs 6.31 crore), assembly Working Capital Requirement (Rs 15.31 crore) and General Corporate Purpose together with Issue Expenses. The corporate’s trade is very power in depth and calls for excessive operating capital. Post the problem, the corporate will be capable of enlarge its margins thru value-added merchandise, decrease power outgo and retiring high-cost debt resulting in ease of passion burden.