Time Technoplast is listed on BSE

Mumbai, June 13: Time Technoplast Ltd, the maker of technology- based polymer products, was listed today at the Bombay Stock Exchange (BSE).

Time Technoplast had come out with an initial public offering (IPO) of 39,21,500 equity shares of Rs 10 each. The issue was subscribed 49.55 times. The price band for the issue was fixed at Rs 290 and Rs 315 per share.

Time Technoplast plans to use the IPO proceeds for domestic projects and funding its subsidiaries overseas which include Elan Inc. in Sharjah, UAE. It also plans a production facility in Poland under its subsidiary Novo Tech SPZoo for auto components and lifestyle products.

IL&FS Investsmart and Enam Financial Consultants Private Limited are the book running lead managers to the issue.

Time Technoplast has manufacturing facilities spread over six locations, 11 regional marketing offices and a dealer and distribution network covering 345 cities and towns.

UNI