Ruchira Papers gets Sebi's nod for IPO
Ruchira Papers Ltd on Monday said it has received the market regulator Sebi's approval for its proposed public offer, which is expected to hit the capital market in November second week, for raising Rs 28.5 crore.
By PTI |
NEW DELHI: Ruchira Papers Ltd on Monday said it has received the market regulator Sebi's approval for its proposed public offer, which is expected to hit the capital market in November second week, for raising Rs 28.5 crore.
The company is raising Rs 28.5 crore from the public issue to part finance its expansion plan worth Rs 138 crore, which includes setting up a new facility at existing location in Himachal Pradesh having a capacity of 33,000 tonnes per annum of writing and printing paper.
The book running lead managers of the issue, which is being made 100 per cent book building process, are Punjab National Bank and A K Services Ltd, Ruchira Papers said in a release.
Ruchira Paper, which is presently engaged in manufacture of kraft paper, has an existing production capacity of 52,800 tonnes per annum. After expansion, the total production capacity of the company would increase to 85,800 tonnes per annum.
Besides, the company is also setting up a chemical recovery plant and a 6 MW captive power co-generation plant at the existing location.
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The turnover of the company in first half of current fiscal stood at Rs 37.76 crore with net profit of Rs 3.02 crore.Start a SIP with as low as ₹500 with ET Money App!
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