TTL files DRHP with SEBI for 52 lakh share IPO

New Delhi, Dec 28 (UNI) Time Technoplast Limited (TTL) today filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for a 52 lakh share initial public offer.

The proceeds of the issue would be used towards funding of new projects and expansion plans, investment in overseas projects (UAE and Poland) through its subsidiaries and acquisition of entire 49 per cent holding of Time Securities Services Pvt Ltd in Singapore based joint venture namely Mauser Holding Asia Pvt Ltd.

The company would reserve 2,61,100 equity shares for allotment to eligible employees.

Of the net issue, atleast 60 per cent will be allocated on a proportionate basis to qualified institutional bidders, of which five per cent will be reserved for allotment to mutual funds only.

Further, upto 30 per cent of the net issue will be available for allocation on a proportionate basis to retail investors and upto 10 per cent of the net issue shall be available for allocation on a proportionate basis to non-institutional investors.

The company has appointed IL&FS Investsmart Ltd and Enam Financial Consultants Pvt Ltd as the book running lead managers to the issue.

TTL is a manufacturer and seller of technology based polymer products, serving growing sectors of the Indian economy such as industrial and consumer packaging, lifestyle products, auto components, healthcare products and construction and infrastructure related products.

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