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Dec 07, 2017 02:30 PM IST | Source: Moneycontrol.com

Astron Paper and Board Mill IPO to open on Dec 15; to raise Rs 70 crore

The issue will open on December 15, 2017 and will close on December 20, 2017. The company has set a price band of Rs 45-50 per equity share for the same.

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Gujarat-based kraft paper manufacturer, Astron Paper and Board Mill, on Thursday announced that it will be launching its initial public offering (IPO) next week.

The issue will open on December 15, 2017 and will close on December 20, 2017. 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.

“The issue also comprises of reservation of up to 7,00,000 equity shares for subscription by eligible employees (the “employee reservation portion”),” the company said in a statement.

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 B.F ranging from 12 B.F to 20 B.F, part repayment of unsecured loan, funding the working capital requirements of the company and general corporate purposes.

Pantomath Capital Advisors is the book running lead manager (“BRLM”) and the registrar is Link Intime India.

The shares will be listed on NSE and BSE.
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