Published on Wed, Nov 02, 2011 at 14:45 | Source : Moneycontrol.com
Updated at Wed, Nov 02, 2011 at 15:01
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Varahi files DRHP with SEBI for Rs 110 cr IPO
Plastic packaging products manufacturer Varahi has filed draft red herring prospectus with market regulator SEBI for an initial public offering of Rs 110 crore.
Plastic packaging products manufacturer Varahi has filed draft red herring prospectus with market regulator SEBI for an initial public offering of Rs 110 crore.
The company offers a broad spectrum of packaging products like plastic caps and closures, PET pre-forms, PET / HDPE / PP Bottles, PET Jars and containers made from rigid plastics and caters to various FMCG, pharmaceuticals and other companies.
It proposes to set up a unit in Indore, Madhya Pradesh to manufacture plastic packaging products (with an outlay of Rs 43.85 crore) and as part of diversification, it also proposes to set up a unit at Manesar, Haryana for manufacturing and bottling packaged drinking water (with cost of Rs 37.56 crore). About Rs 25 crore will be used for part repayment of existing term loans.
For the fiscal year 2011, it reported net sales of Rs 108.46 crore and net profit of Rs 10.56 crore, a growth of 43% and 38% year-on-year, respectively.
