Manjushree Extrusions rights-cum-public issue oversubscribed

MUMBAI: Manjushree Extrusions��� rights share issue has been subscribed 107.10 per cent and its follow-on public offer to the extent of 137.45 per cent. The rights share issue for Rs 12.63 crore opened on Jan 7, while the follow on public offer for Rs 23.07 crore opened on Jan 31. Both simultaneously closed on Feb 6.

The company is in the process of finalizing the allotment of shares. The funds raised are proposed to be utilisd to part finance the expansion cum diversification project at a cost of Rs 53.70 crore. A term loan of Rs 18 crore was sanctioned by State Bank of India for the project.

Manjushree provides packaging solutions through manufacture of specialty plastic packaging products including injection/blow molded PET/PP and multilayer plastic containers, which are being manufactured by employing Japanese and European technologies. The company is currently listed on Ahmedabad, Calcutta, and Gauhati stock exchanges and now proposes to list the shares on Bombay Stock Exchange as well.