TTL to enter capital mkarket

By Staff
|
Google Oneindia News

Mumbai, May 10 (UNI) Time technoplast limited (TTL), which had acquired 75 percent stakes in TPL Plastech limited last year, is entering the capital market with an initial public offering of 39,21,500 equity shares with a price band of Rs 290 - Rs 315.

TTL, a leading player in domestic polymer products market, has plans to pump in the proceeds for its domestic and overseas expansion that include setting up a new unit at Thane Himachal Pradesh and an integrated injection moulding facility at Silvassa.

This apart the company will also fund its overseas subsidiaries-Elan Incorporated, FZE, Sharjah and Novo Tech SPZoo, Poland, through the issue, said sources.

A part of the proceeds will be rolled out for the repayment of a loan TTL incurred from IL&FS to acquire 49 percent holding of Times securities services private limited in the Singapore based joint venture Mauser holding Asia private limited.

The issue, which will open for subscription from May 18 to 23, will constitute 18.74 percent of the fully diluted post-issue paid up capital of TTL.

The shares will be listed on both the Bombay Stock Exchange (BSE) and National stock exchange (NSE).

''The outlook for the polymer industry remains bright with the buyont growth of the Indian economy. The robust growth in petrochemical industry and availability of raw materials are also supportive factors.'', said Anil Jain, Managing director, Time technoplast limited.

The company has operations in industrial and consumer packaging solutions, lifestyle products, Auto components, health care products and construction related products.

TTL had entered a tie up with Germen firm Mauser in 1993 to launch popular brands like Time Mauser and Duroturf& Durosoft.

The company had posted an annual income of Rs 2, 628.24 million in FY 2005-06.

UNI

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