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Mold-Tek raises `103.6 cr from QIP
Representational Image
Mold-Tek Packaging has announced its successful completion of qualified institutional placement (QIP) at a premium of 2.44 per cent over floor price aggregating to Rs 103.6 crore.
Hyderabad: Mold-Tek Packaging has announced its successful completion of qualified institutional placement (QIP) at a premium of 2.44 per cent over floor price aggregating to Rs 103.6 crore.
The company on December 17, 2021, approved the allotment of 14,00,000 equity shares to the eligible qualified institutional buyers at a price of Rs 740 per equity share which is at a premium of 17.60 per equity share i.e. 2.44 per cent on the floor price of Rs 722,40 as per Sebi guidelines.
Mold-Tek is also investing in new plants at Kanpur, Sultanpur-Hyderabad and doubling its capacity of existing plants in Mysore and Vishakapatnam, apart from augmenting its IML printing, die-cutting and tool room capacities.
MotilalOswal Investment Advisors Limited and Emkay Global acted as Book Running Lead Managers to the said QIP Fund raise. Laxman, company's Chairman and Managing Director, said: "Entry into high value added segments and introducing digital packaging for the first time in India, may have attracted the interest of many marquee investors. Issue of shares at a premium of 2.44 per cent above the floor price indicates the confidence investors have on our company'sperformance"
The funds, which have invested in this QIP, include marquee investors like Goldman Sachs India Equity, White Oak India Equity Fund, Aditya Birla Sun Life Trustee Private Limited Plc, ICICI Prudential Smallcap Fund.
As intimated earlier the company is planning to deploy these funds for its entry into injection blow moulding products for regulated pharmaceuticals, food and FMCG, cosmetics and OTC medicine segments.
Company is also introducing digital packaging through dynamic QR coded IML , which will provide traceability , anti-counterfeit and marketing promotions facilities, that can be digitally controlled by our clients.
