Mumbai: Time Technoplast Ltd, will foray the capital market with an initial public offer of 39,21,500 equity shares of Rs 10 each for cash at a premium to be decided via a 100 per cent book building process. The price band for the issue has been fixed between Rs 290 and Rs 315 per equity share and opens for subscription on May 18 and closes May 23. The issue constitutes 18.74 per cent of the fully diluted post-issue paid-up capital of the company.
The carries on of the issue will fund new projects like that at Thane (Himachal Pradesh) for the manufacture of disposable medical devices and an integrated injection moulding facility in Silvassa (Union Territory) for augmenting out put capacity for plastic pails and auto components. Overseas, the company will use the issue proceeds in funding its wholly-owned subsidiaries Elan Incorporated, FZE, in Sharjah, UAE for establishing a facility for manufacturing packaging products and lifestyle products; and also for putting up the production facility in the wholly owned subsidiary Novo Tech SPZoo, Poland, for auto components and lifestyle products.
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