Polymer products company Flexituff International is set to open its initial public offering of 67.5 lakh equity shares for subscription next week. The issue comprises of a fresh issue of 45 lakh equity shares and an offer for sale of up to 22.5 lakh shares by Clearwater Capital Partners (Cyprus) Limited.
The company manufactures FIBC, geo-textile fabric and ground cover, reverse printed BOPP woven bags, special PP bags including leno bags at its three manufacturing units located in Pithampur (MP) and Kashipur (Uttrakhand).
It also has a recycling and reprocessing plant at Kandla for recovering polypropylene and making various compounds of plastics. Its subsidiary, Lakshmi Incorporated, USA manufactures reclosable extruded zipper profile.
The issue will open for subscription on Thursday, September 29 and close on October 4 for QIB bidders. Other bidders will put in bids till October 5.
The net issue proceeds are proposed to be used for expansion of manufacturing facilities at SEZ and DTA units at Pithampur; setting up of Dripper project at Kashipur, and also for working capital requirements.
Promoters' stake will be reduced to 25.97% from 32.75% post issue. Clearwater Capital Partners (Cyprus) will offload 15.77% stake through issue.
For the year ended March 31, 2011, the company reported net profit of Rs 30.97 crore on total income of Rs 618.39 crore.
Collins Stewart Inga Private Limited is the book running lead manager to the issue.
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