Tulsi Extrusions to enter capital market on Feb 1

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Mumbai, Jan 28 (UNI) Tulsi Extrusions (TEL), PVC pipes and fittings maker mainly for irrigation, industrial, infrastructure and housing sector, is entering the capital market with a public issue of 57,00,000 equity shares of Rs ten each to expand its manufacturing facilities at Jalgaon.

The issue will open on February 1 and close on February 5, and the price band for the issue has been fixed at Rs 80-85 per equity.

Speaking at a press conference, TEL Managing Director Pradip Mundhra today said, ''The proposed expansion in PVC pipes would take the total installed capacity to 17,971 MT from the present 10,483 MT, with the total cost of Rs 27.27 crore. The Company also proposes to purchase offices at Mumbai, Raipur, Jaipur and Kolkata at a cost of Rs 4.15 crore.'' ''TEL plans to increase its customer base in the existing domestic markets and expand business to new geographic locations like Gujarat, Orissa, Assam, Delhi, interiors of Maharashtra and West Bengal. TEL's business strategy is to capture market share by increasing its product range, installed capacities, manpower and distribution network. The Company has also strategised to set up a captive wind power plant, which can lower its power expenses and improve its profitability,'' Mr Mundhra added.

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