28 July 2024
Manjushree Technopack Limited has announced a significant step to enhance shareholder value by approving a sub-division of its equity shares. The company's Board of Directors, in a meeting held on May 10, 2024, approved the reduction of the face value of its equity shares from ₹10 each to ₹2 each. This proposal received shareholder approval via a postal ballot on June 15, 2024. The authorized share capital of the company will now be ₹25 crores, divided into equity shares of ₹2 each. The record date for this sub-division is set for July 26, 2024.
In addition to the stock split, Manjushree Technopack has been making strategic moves to bolster its market position. The company, India’s largest rigid plastic packaging firm, has been exploring options for an initial public offering (IPO) of equity shares. This potential IPO, which may involve issuing new shares and selling existing ones, is aimed at raising capital to fuel further growth. If approved, the shares will be listed on the National Stock Exchange of India Limited and BSE Limited.
The company's recent acquisitions reflect its aggressive expansion strategy. In FY2022, Manjushree Technopack acquired two manufacturing units in Jalgaon, Maharashtra, from Hitesh Plastics Private Limited, diversifying its product offerings to include caps and closures. More recently, the company announced the acquisition of Oricon Enterprises Limited’s packaging business for ₹520 crores. This acquisition will double Manjushree’s market share in the caps and closures segment, significantly enhancing its production capacity.
These initiatives underscore Manjushree Technopack's commitment to growth and value creation for its shareholders. The company continues to explore strategic options, including divesting a controlling stake and pursuing an IPO, to capitalize on its market leadership and expand its operations.
For further details, shareholders and investors are encouraged to stay tuned for upcoming announcements and updates from Manjushree Technopack Limited.
Manjushree Technopack Limited has announced a significant step to enhance shareholder value by approving a sub-division of its equity shares. The company's Board of Directors, in a meeting held on May 10, 2024, approved the reduction of the face value of its equity shares from ₹10 each to ₹2 each. This proposal received shareholder approval via a postal ballot on June 15, 2024. The authorized share capital of the company will now be ₹25 crores, divided into equity shares of ₹2 each. The record date for this sub-division is set for July 26, 2024.
In addition to the stock split, Manjushree Technopack has been making strategic moves to bolster its market position. The company, India’s largest rigid plastic packaging firm, has been exploring options for an initial public offering (IPO) of equity shares. This potential IPO, which may involve issuing new shares and selling existing ones, is aimed at raising capital to fuel further growth. If approved, the shares will be listed on the National Stock Exchange of India Limited and BSE Limited.
The company's recent acquisitions reflect its aggressive expansion strategy. In FY2022, Manjushree Technopack acquired two manufacturing units in Jalgaon, Maharashtra, from Hitesh Plastics Private Limited, diversifying its product offerings to include caps and closures. More recently, the company announced the acquisition of Oricon Enterprises Limited’s packaging business for ₹520 crores. This acquisition will double Manjushree’s market share in the caps and closures segment, significantly enhancing its production capacity.
These initiatives underscore Manjushree Technopack's commitment to growth and value creation for its shareholders. The company continues to explore strategic options, including divesting a controlling stake and pursuing an IPO, to capitalize on its market leadership and expand its operations.
For further details, shareholders and investors are encouraged to stay tuned for upcoming announcements and updates from Manjushree Technopack Limited.
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