Flexituff International to raise Rs100 crore through IPO

“We are looking at entering the capital market in July-August,” Flexituff International director Saurabh Kalani said

Flexituff International Ltd, a leading integrated manufacturer of flexible intermediate bulk containers (FIBC), said it plans to raise Rs100 crore through an initial public offer (IPO).

"We have received Securities and Exchange Board of India's permission to raise Rs100 crore through an IPO. We are looking at entering the capital market in July-August," Flexituff International director Saurabh Kalani told reporters. The company plans to offer equity shares along with offer for sale by US-based PE firm Clear Water Capital. Post-issue, promoters will hold 60% stake and Clear Water Capital 10% stake in the firm, he said. The company currently manufactures FIBC, geo-textile fabric and ground cover, reverse printed BOPP woven bags and special PP (polypropylene) bags. These products are manufactured at FIL's three units located in Pithampur in Madhya Pradesh and Kashipur in Uttarakhand. The company also has a recycling and reprocessing plant at Kandla, Gujarat, which is used for recovering polypropylene and making various compounds of plastics. FIL's step down subsidiary, Lakshmi Inc, USA manufactures reclosable extruded zipper profile which is used as a secondary closure for 5kg-50 kg bags.

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Readymade Steel India plans to raise Rs35 crore via IPO

Readymade Steel India has fixed the price band at Rs90 to Rs108

Readymade Steel India said it will tap the capital market to raise about Rs35 crore through an initial public offer (IPO), which opens on 27th June, to fund its expansion plan.

In a statement, the company said it "is entering the Indian capital markets with its IPO aggregating Rs34.74 crore."

The company, which is primarily in the business of providing ready to use steel for construction activities to the infrastructure industry, has fixed the price band at Rs90 to Rs108.

The issue will open for subscription on 27th June and closes on 29th June.

The proceeds would be used for financing the expansion of existing facility at Khopoli in Maharashtra and setting up of new facilities near New Delhi and Raipur. The funds would also be used to meet working capital requirements.

Arihant Capital Markets Ltd is the book running lead manager to the issue.

For the nine months period ended December 2010, Readymade Steel reported a profit of Rs2.32 crore and total sales of Rs81.6 crore.

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Daiwa MF bullish on infrastructure space

Daiwa is betting on the infrastructure sector with a long-term view in mind

With the government planning to invest a trillion dollars in the infrastructure space during the 12th Plan period, leading Japanese mutual fund house Daiwa is betting on the sector with a long-term view in mind.

"We have to get back to the infrastructure space. That has to be the space in India for the next couple of decades. But minus the infrastructure space, the growth story is going to take a hit in this market," Daiwa Asset Management India chief investment officer Sethuram Iyer told PTI.

He says the fund house would like to cherry pick its stock across the different sectors, for the short-term, but would be averse to do so in the realty space.

"As of now, most sectors look promising... the market has corrected across the board. Now it has moved down to individual stocks. We feel individual companies will do better than their respective sectors. It is going to be a completely bottomed-up kind of a market in the near term," he said.

Daiwa India AMC, which has Rs244 crore worth assets under management as of end March, is likely to keep away from investing in the stocks of real estate companies, though.

"Real estate has always remained a taboo for us. Real estate and interest rate-sensitive sectors need to be watched carefully," Iyer cautioned.

He, however, pointed out that one could look at selectively investing in auto stocks and said the interest rate-neutral sectors such as pharma would be a better option.

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