Mold-Tek Packaging Limited raised Rs 103.6 crore through a QIP (Qualified Institutional Placement) offering at Rs 740 per share, a 2.44 percent premium over the floor price of Rs 722.40.
The Qualified Institutions Placement Committee authorised the issue and allotment of 14 lakh equity shares to eligible qualified institutional purchasers at a price of Rs 740 per equity share, according to SEBI standards, at a meeting held recently, the business said in a release on Thursday.
It claimed numerous marquee investors responded positively to its QIP offering, including Goldman Sachs India Equity, White Oak India Equity Fund, Aditya Birla Sun Life Trustee Private Limited Plc, ICICI Prudential Smallcap Fund, and others.
Referring to the QIP success, Mold-Tek Chairman and Managing Director Laxman said “Entry into high value-added segments and introducing digital packaging for the first time in India, may have attracted the interest of many marquee investors.
As previously stated, the business intends to use these funds to expand its Injection Blow Moulding product line for regulated medicines, food and FMCG (Fast Moving Consumer Goods), cosmetics, and over-the-counter medication.
The company is also providing digital packaging in the form of dynamic QR coded IML, which will assist clients with traceability, anti-counterfeiting, and marketing promotions. Mold-Tek is bringing this innovative DIGITAL packaging solution to India for the first time, according to the press release.
It’s also building new factories in Kanpur and Sultanpur-Hyderabad (Telangana), as well as expanding the capacity of existing operations in Mysore (Bengaluru) and Visakhapatnam (Andhra Pradesh), according to the company.
According to him, the issuing of shares at a premium of 2.44 percent over the floor price demonstrates investors’ trust in our company’s success.
