Ahmedabad-based flexible intermediate bulk container (FIBC) maker Plastene India Ltd entered the capital market on May 9 with a fresh issue of 9.25 million equity shares of Rs 10 each in the price band of Rs 81 to Rs 84 a share, through a 100% book building route. The proposed issue will close on May 15.
Plastene India manufactures jumbo bags, flexible packaging, BoPP laminated woven sacks and multi-filament yarns at its manufacturing facilities located in Kachchh and Mehsana districts in Gujarat, which have a total installed capacity of 56,200 MTPA. To meet the growing demand of jumbo bags and BoPP laminated woven sacks, the company proposes to invest Rs 53 crore to enhance capacity to 64,000 MTPA. Besides, the company is also setting up a new unit to manufacture 5,000 MTPA block bottom valve bags in Nani Chirai, Kachchh at a cost of Rs 25 crore. Block bottom valve bag is a new packaging product used for packing cement, food grain, cereals, etc.