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Dec 15, 2017 11:44 AM IST | Source: Moneycontrol.com

Astron Paper and Board Mill IPO opens for subscription, to raise Rs 70 cr

With 1,40,00,000 equity shares of face value of Rs 10 each, at the upper end of the price band, the firm could be looking to raise Rs 70 crore through the issue that will close on December 20, 2017.

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Gujarat-based kraft paper manufacturer Astron Paper and Board Mill has opened its initial public offering (IPO) for subscription on Friday.

The company has set a price band of Rs 45-50 per equity share for the same.

With 1,40,00,000 equity shares of face value of Rs 10 each, at the upper end of the price band, the firm could be looking to raise Rs 70 crore through the issue that will close on December 20, 2017.

The issue also comprises of reservation of up to 7,00,000 equity shares for subscription by eligible employees.

The company plans to use the proceeds for setting additional facilities to make Kraft Paper with lower GSM ranging from 80 to 180 GSM and lower BF ranging from 12 BF to 20 BF; part repayment of unsecured loan; funding the working capital requirements; and general corporate purposes.

Pantomath Capital Advisors is the book running lead manager to the issue and the registrar is Link Intime India. Equity shares will be listed on NSE and BSE.
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