Manaksia Ltd to raise Rs 240 crore from market
Manaksia Limited, formerly Hindustan Seals Limited, would tap the capital market to raise Rs 240 crore to fund its expansion plan at Haldia.
By PTI |
KOLKATA: Manaksia Limited, formerly Hindustan Seals Limited, would tap the capital market to raise Rs 240 crore to fund its expansion plan at Haldia.
The company plans to use the net proceeds of the issue for expansion of the metals business at Haldia in West Bengal, Manaksia Limited Managing Director of Manaksia Limited B K Agarwal told reporters here.
He said a portion of money would also be used to pre-pay a certain amount of term debt and for general corporate purposes.
The company has business operations in the areas of metal products, packaging products, mosquito coils and engineering.
Agarwal said the Haldia expansion plan included addition of certain equipment for de-bottlenecking of aluminium rolling line and production of higher value-added products.
The company produces aluminium alloy ingots, colour coated metal sheets, crown closures, plastic caps and metal containers.
The issue would be open for subscription on December 17 and close on December 19.
The company plans to use the net proceeds of the issue for expansion of the metals business at Haldia in West Bengal, Manaksia Limited Managing Director of Manaksia Limited B K Agarwal told reporters here.
He said a portion of money would also be used to pre-pay a certain amount of term debt and for general corporate purposes.
The company has business operations in the areas of metal products, packaging products, mosquito coils and engineering.
Agarwal said the Haldia expansion plan included addition of certain equipment for de-bottlenecking of aluminium rolling line and production of higher value-added products.
The company produces aluminium alloy ingots, colour coated metal sheets, crown closures, plastic caps and metal containers.
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The issue would be open for subscription on December 17 and close on December 19.
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