Mold-Tek Packaging Ltd raises Rs. 103.6 crore through QIP

Mold-Tek Packaging Ltd has received overwhelming response for its QIP issue, from many marquee investors. The Qualified Institutions Placement Committee, at its meeting held on December 17, 2021 approved the issue and allotment of 14,00,000 Equity Shares to the eligible qualified institutional buyers at a price of Rs. 740/- per Equity which is at a premium of Rs. 17.60 per Equity Share i.e. 2.44% on the floor price of Rs. 722.40 as per SEBI guidelines.

The funds who have invested in this QIP include marquee investors like Goldman Sachs India Equity, White Oak India Equity Fund, Aditya Birla Sun Life Trustee Private Limited Plc, ICICI Prudential Smallcap Fund and others.

The company is planning to deploy these funds for its entry into Injection Blow Moulding products for regulated pharmaceuticals, Food & FMCG, Cosmetics and OTC medicine segments.

The company is also introducing digital packaging through dynamic QR coded IML , which will provide traceability, anti-counterfeit and marketing promotions facilities, that can be digitally controlled by our clients. This unique DIGITAL packaging solution is bought to India for the first time by Mold-Tek.

Mold-Tek is also investing in new plants at Kanpur, Sultanpur-Hyderabad and doubling its capacity of existing plants in Mysore and Vishakapatnam, apalt from augmenting its IML printing, die-cutting and tool room capacities.

Motilal Oswal Investment Advisors Limited and Emkay Global acted as Book Running Lead Managers to the said QIP Fund raise.

Referring the QIP success, Mr. Laxman, CMD 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. Issue of shares at a premium of 2.44% above the floor price indicates the confidence investors have on our company's performance."

Shares of Mold-Tek Packaging Limited was last trading in BSE at Rs. 748.80 as compared to the previous close of Rs. 740.80. The total number of shares traded during the day was 1825 in over 309 trades.

The stock hit an intraday high of Rs. 754.25 and intraday low of 732.45. The net turnover during the day was Rs. 1363018.00.

Source : Equity Bulls

Keywords

MoldTekPackaging INE893J01029 MOLDTKPAC QIP QIBs FundRaising