Astral Poly Technik to soon enter capital markets

Mumbai, Nov 28 (UNI) Astral Technik, manufacturer and provider of CPVC piping ad plumbing systems in India since 1999, soon proposes to enter the capital market with a public issue 33,71,000 equity shares of Rs ten each in the price band of Rs 104 to Rs 124 per equity share.

Karvy Investors Services Ltd is the lead manager for the issue and Bigshare Services Pvt Ltd is the registrar. The company has today filed the Draft Prospectus with the SEBI for the purpose, the release said.

Astral Poly Technik proposes to part finance its expansion plans through the net proceeds of this issue. The Corporation Bank has already sanctioned two term loans aggregating to Rs 20 crore for the project. The plan includes lines at units based in Gujarat and Himachal Pradesh. The company is planning to add new product lines by setting up new manufacturing facilities and also proposes to leverage existing manufacturing facilities for new products, the release added.

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