Manaksia to raise Rs 240 cr for expansion plan

Mumbai, Dec 10 (UNI) Manaksia Limited, a value-added metal products maker, will be raising about Rs 240 crore through its public issue opening on December 17, for its expansion plan.

The issue of the company, consisting 1.5 crore equity shares with face value of Rs 2, at a fixed price band of Rs 140 to Rs 160 per equity share will be open for subscription from December 17 to 19.

Manaksia plans to invest the raised amount for expansion of its metals business by purchasing additional equipment and machinery, the company said here today.

ICICI Securities is the book-running lead manager for the issue. The total issue would constitute 22.29 per cent and net issue 22.15 per cent of the fully diluted post issue capital.

The expansion of metals business includes addition of certain equipments for de-bottlenecking its Aluminum Rolling Line in Haldia aimed at production of higher value-added products as well as enhancing efficiency of its present production.

Manaksia has 15 manufacturing units in the country and three abroad, which include two in Nigeria and one in Ghana. The company also has interests in packaging products, mosquito coils and engineering business.

The company is already listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE, the release said.

UNI