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Flexituff International fixes issue price at Rs 155/share
Flexituff International, a leading integrated manufacturer of flexible intermediate bulk containers (FIBC), has fixed the issue price at higher end of price band of Rs 145-155 a share.
Flexituff International , a leading integrated manufacturer of flexible intermediate bulk containers (FIBC), has fixed its issue price at higher end of price band of Rs 145-155 a share.
The company garnered Rs 104.625 crore through the offer of 67.5 lakh equity shares. Flexituff will get Rs 69.75 crore from the issue proceeds, and the balance amount of Rs 34.875 crore will be received by Clearwater Capital Partners (Cyprus), by diluting 15.77% stake. Post issue, Clearwater will hold 10.30% stake in the company.
The issue, which opened for subscription from September 29-October 5, was subscribed just 1.17 times, as per data available on NSE website.
The company currently manufactures FIBC, geo-textile fabric and ground cover, reverse printed BOPP woven bags, special PP bags including leno bags. These products are manufactured at the three manufacturing units located in Pithampur (MP) and Kashipur (Uttrakhand).
Flexituff would utilize the issue proceeds towards expansion of its manufacturing facilities at SEZ and DTA units at Pithampur and for setting up of Dripper project at Kashipur.
