Radha Madhav to raise $ 15mln

New Delhi, Jan 2 (UNI) Daman-based packaging and printing company Radha Madhav Corporation Ltd today said it will raise five million dollars through the qualified institutional promoters route.

The board of directors of the company has approved the QIP issue in extension to the foreign currency convertible bonds (FCCB) issue of 10 million dollars.

The money raised will be utilised for setting up a new project at a cost of Rs 8,650 lakh for research and development and manufacturing of high-end pharma packaging materials confirming to cGMP and HACCP standards.

The production capacity of the unit will be over 16,000 million tonnes (MT) per annum for PVdC coating, 1,000 MT for collapsible tubes and Tenter-frame to produce 4,000 MT of bilaterally oriented PVC shrink film.

The board of directors took into account the performance of the existing units and internal report prepared by engineers on the development of manufacturing of coating machine and of construction of factory building at Pantnagar - Uttaranchal.

''The company is confident of achieving the sales projections given to banks and foreign institutional investors,'' the company said.

UNI