Times Technoplast to venture in med tech business

Kolkata, May 17 (UNI) Times Technopast, a polymer company, was planning to venture in medical technology equipment business with its first plant coming up in Thane in Himachal Pradesh.

Speaking at a press conference here today, Executive Director (Finance) of the company Bharat Vaghera said the company would invest Rs 352.34 crore for disposable medical devices.

'' The company would utilise the money raised from the IPO in the new projects, he said adding that the company would utilise Rs 160 crore for these projects.

The company would also start an integrated injection moulding facility at Silvassa for augmenting production capacity for plastic pails and auto components.

Elaborating about the IPO, he said the company would enter the capital market with an initial public offer of 3,921,500 equity shares of Rs ten each through 100 per cent book building process.

The price band for the issue has been fixed between Rs 290 to Rs 315 per share. The issue opens for public subscription on May 18 and closes on May 23.

The issue would constitute 18.74 per cent of the post-issue paid up capital of the company.

The company had proposed to reserve 2,61,100 shares for its employees.

Of the net issue, at least 60 per cent would be allocated on a proportionate basis to qualified institutional bidders. Up to 30 per cent of the net issue would be available for allocation to retail investors.

UNI