Mold-Tek Packaging opens QIP

The QIP committee of the Board of Mold-Tek Packaging Ltd met on January 30, 2015 in connection with the Qualified Institutions Placement.

Subsequent to the approval accorded by the Board of Director of the Company, at its meeting held on November 19, 2014 and approval of the shareholders of Company by way of special resolution dated December 24, 2014 for the QIP, the QIP Committee in its meeting dated January 30, 2015, has passed the resolution authorizing the opening of the QIP on January 30, 2015 and approved the Preliminary Placement Document dated January 30, 2015 in connection with the QIP (the "Preliminary Placement Document")

The Board also approved the floor price for the QIP.

Further, the "Relevant Date" for this purpose, in terms of regulation 81 of SEBI ICDR Regulations is January 30, 2015 and accordingly the Floor Price in respect of the aforesaid QIP, based on the pricing formula as prescribed under regulation 85(1) of the SEBI ICDR Regulations is Rs. 231.75/- per Equity Share. Pursuant to the Regulation 85 of the SEBI ICDR Regulations, and further to the shareholders resolution dated December 24, 2014 the Company may offer a discount of not more than 5% on the Floor Price as calculated for the QIP.

Shares of Mold-Tek Packaging Limited was last trading in BSE at Rs.233.8 as compared to the previous close of Rs. 235.5. The total number of shares traded during the day was 23933 in over 653 trades.

The stock hit an intraday high of Rs. 239 and intraday low of 228. The net turnover during the day was Rs. 5585066.

Source : Equity Bulls

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