Glory Polyfilms to enter capital market on May 9

Mumbai, May 7: Glory Polyfilms Limited, one of the few organised players in the primary packaging market in India, announced today that it will enter the capital market on May 9 with an Initial Public Offer (IPO) of 82,20,00 equity shares of Rs 10 each, aggregating to Rs 3,495.60 lakh.

The fund raised from the IPO will be used to finance the expansion of multi-layer film producing capacity of the company at Daman, a statement said here.

The company manufactures multi-layer barrier film and printed fliexible laminates. The company's product caters to products that are in direct contact of the food and sold as integral part of single saleable unit, like confectionary packet and edible oil pouch.

The company supplies its products to cooperative unions and various small scale industries. Its customers include Mother Dairy, Ruchi Soya Industries and Hatsun Agro Products Ltd, the statement added.

UNI