Texmo Pipes to list on March 10

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Texmo Pipes and Products has fixed March 10, 2010 as the listing date for its equity shares issued via recent public issue, which got subscribed 7.48 times, as per data available on the NSE website.

The company has raised Rs 45 crore from this 50 lakh equity shares issue at Rs 90 per share, at higher end of price band of Rs 85-90 per share.

The issue proceeds would be used for expansion of product range; setting up manufacturing facilities for injection mouldings/fittings and woven sacks and meeting long term working capital requirements. The company has requirement of Rs 11.32 crore, Rs 22.06 crore and Rs 10 crore, respectively for the above projects.

The issue constituted 44.37% of the fully diluted post issue paid-up capital of the company while the rest of the equity will be with the promoters.

The company is engaged into manufacturing of range of PVC and HDPE pipes viz. suction & delivery hose pipe, rigid PVC pipes, elastomeric sealing ringfit PVC Pipe (Gasket Pipe), PVC casing and ribbed screen casing pipes, SWR pipe, plumbing pipe, conduit pipe, caping casing strips, column pipe, HDPE plain pipe, sprinkler pipe, PLB HDPE cable duct and drip irrigation system.