Flexituff International IPO : Files DRHP with SEBI

by khalid on 31/03/2011 · 1 comment

Flexituff International Limited has informed the share market(BSE/NSE) that they have planning to enter capital markets with its public issue (IPO) of 6750000 shares of Rs 10 each. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for the same. The premium to be decided via 100% book building process. The IPO price band has not been decided yet. The company would raise Rs — crore through this IPO. The issue comprises a fresh issue of 4500000 equity shares of Rs 10 each and an (offer for sale) of up to 2250000 lakh shares by Clearwater Capital Partners (Cyprus) Limited which will reduce its stake to 10.30% from current 26.07%. Packaging bags manufacturer Flexituff manufactures FIBC, geo-textile fabric and ground cover, reverse printed BOPP woven bags, special PP bags including Leno Bags. It also has a recycling and reprocessing plant at Kandla for recovering polypropylene and making various compounds of plastics.

The proceeds of the fresh issue would be used by the company for expansion of manufacturing facilities at SEZ and DTA units at Pithampur (with cost of Rs 18.93 crore); setting up of dripper project at Kashipur (with cost of Rs 8.1 crore); and working capital requirements (Rs 25 crore).

The shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The Sole Book Running Lead Manager (BRLM) to the issue is Collins Stewart Inga Private Limited.

Registrar of the Issue : Bigshare Services Private Linited, Mumbai.

Stay tuned to BelltheBull Blog for more on Sheetal Refineries IPO !

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