Ess Dee Aluminium files DRHP with SEBI for IPO

Kolkata, Oct 17 (UNI) Leading pharmaceutical packaging solutions provider Ess Dee Aluminium Limited would launch its IPO by November next to fund its expansion plans.

The company has filed its draft red herring prospectus with Securities and Exchange Board of India (SEBI) to enter the capital market with the proposed IPO, chairman and managing director Sudip Dutta said here today.

The company proposes to offer 69.60 lakh equity shares of Rs 10 each for a cash premium to be decided through a 100 per cent book built process.

Following the IPO the promoters shares would go down to 64.62 per cent from 87.75 per cent now.

The company proposes to set up a new unit at Daman for the manufacture of aluminium foil based packaging products to enhance the product portfolio and industry research at a cost of Rs 150 crore, he said.

The company currently operates two units, one in Daman and another in Goa while a wholly owned subsidiary operates four aluminium foil printing units.

"The IPO would help us tap the opportunities in aluminium foil based pharmaceutical and food packaging business," he said.

The book running lead managers to the issue are UTI Securities Limited and Enam Financial Consultants Pvt Ltd.

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