Tirupati Inks plans FPO of Rs 51.5 Cr

RELATED NEWS United Bank files IPO papers with SEBI: Sources Godrej Properties to list on Jan 5 Jubilant Foodworks adds 180 stores in past 3yrs Fatpipe Networks plans to raise Rs 49 cr via IPO IPO scam: Compensation soon for retail investors BSE | NSE 10/02/12

Tirupati Inks is coming out with an follow-on public offer of Rs 51.5 crore. It has filed a DRHP (draft red herring prospectus) with SEBI.

The company is engaged in the business of manufacturing of printing ink & printing cylinders and trading of polyester films and other packaging materials. It has two manufacturing facilities at Kanpur & Jammu.

It intends to use issue proceeds for setting up facility for manufacturing of speciality inks and ink concentrates (with a cost of Rs 24.25 crore); capital expenditure on lab equipments for existing facilities (Rs 25 lakh); augmenting working capital resources (Rs 14 crore); general corporate purposes (Rs 10 crore) and meeting the expenses of the issue (Rs 3 crore).

According to the shareholding pattern, the promoters hold 44.14% and non-institutions hold 55.86% stake in the company.

For the year ended March 31, 2009, it has reported net profit of Rs 80 lakh on total income of Rs 50.2 crore. For the period of six months ended on September 30, 2009, it has posted net profit of Rs 1.02 crore on total income of Rs 37.33 crore.

The book running lead manager for the issue is Ashika Capital Limited and Beetal Financial & Computer Services Private Limited is the registrar.