Shares of Manjushree Extrusions got listed at a premium of 6.67%, or at Rs 48 as against its issue price of Rs 45 a share on the Bombay Stock exchange (BSE) today (Feb. 28, 2008).
The scrip was last trading up at Rs 63.50. A total of 467,667 shares changed hands on BSE (9.55 a.m.). The scrip has hit a high of Rs 64.95 and a low of Rs 47.
The offer price was at Rs 45 per share. The company had come out with its follow on public offer of 51,26,100 equity shares of Rs 10 each for cash at a premium of Rs 35 per share and collected nearly Rs 230.7 million.
It is already listed on Ahmedabad, Calcutta, and Guwahati Stock Exchanges. The company intended to utilize the funds to part finance its expansion cum diversification project at a cost of Rs 537 million, which is presently under implementation. A term loan of Rs 180 million has been sanctioned by SBI for the project.
Manjushree provides packaging solutions through manufacture of specialty plastic packaging products for multinational companies with whom the company enjoys a preferred supplier status, in FMCG, pharma, food processing and agrochemical sectors through an ongoing process of research oriented design and development.
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