Plastene India IPO likely in September

To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost ofRs55 crore Plastene India Ltd has received SEBI approval for its proposed initial public offer (IPO) of 1,05,00,()0() equity shares, which is likely to hit the capital market in September. The 100% book building issue will constitute 29.37% of the post issue paid-up equity capital of the company engaged in the integrated business of manufacturing flexible intermediate bulk containers, woven sacks, flexible packaging, woven fabric, tarpaulin, master-batches, fillers, granules, multi-filament yarns and webbings. The company's manufacturing facilities are located in Kutch and Mehsana districts of Gujarat and have a total installed capacity of 55,000 MT PA. To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost ofRs55 crore, a company statement said.