To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore
Plastene India Ltd has received SEBI approval for its proposed initial public offer (IPO) of 1,05,00,000 equity shares, which is likely to hit the capital market in September.
The 100% book building issue will constitute 29.37% of the post issue paid-up equity capital of the company engaged in the integrated business of manufacturing flexible intermediate bulk containers, woven sacks, flexible packaging, woven fabric, tarpaulin, master-batches, fillers, granules, multi-filament yarns and webbings.
The company's manufacturing facilities are located in Kutch and Mehsana districts of Gujarat and have a total installed capacity of 55,000 MTPA. To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore, a company statement said.
It is also setting up a new venture to manufacture 5,000 MTPA block bottom valve bags in Nani Chirai, Kutch at an approximate cost of Rs20 crore. Block bottom valve bag is a new packaging product used for packing cement, food grain, cereals, etc, it said. The future expansion and new venture are proposed to be funded from the net issue proceeds. The company manufactures a broad range of packaging products for products ranging from 5 grams to 3000 kg. The equity shares of the company are proposed to be listed on BSE and NSE.
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