Tulsi Extrusions files an IPO with SEBI

Mumbai, Sep 10 (UNI) Jalgaon-based Tulsi Extrusions Limited (TEL), an extrusion company manufacturing PVC pipes and fabricated fittings, has filed its draft red herring prospectus with the SEBI to enter the capital market with its initial public offering of equity shares.

The company proposes to offer 57 lakh equity shares of Rs 10 each for cash at a premium to be decided through the book-building process, a company release said here today.

Of the shares on offer, one lakh shares will be reserved for employees and the net offer to the public will be 56 lakh shares.

The issue will constitute 45.62 per cent of the fully diluted post-issue equity capital of the company.

Located at Jalgaon in Maharashtra, TEL is engaged in the manufacturing of PVC pipes, PVC fabricated fittings, PVC casing, screen pipes, ASTM plumbing pipes, HDPE pipes and elastomeric sealing pipes, the products which are used in irrigation sector, infrastructure and housing sector.

The IPO is proposed to fund its expansion of existing operations from 10,483 Million Tonnes (MT) of PVC pipes to 17971 MT. Also, the company is setting up a 1.5 MW of wind mill power plant for the captive consumption.

After the expansion, the company plans to increase its customer base in the new geographic locations of Gujarat, Orissa, Assam, Delhi, interiors of Maharashtra and West Bengal.

UNI