Manaksia to raise Rs 217-248 cr for expansion

New Delhi, Dec 13 (UNI) Value-added metal and packaging products manufacturer Manaksia Ltd today said it will raise Rs 217-248 crore through public issue of up to 1,55,00,000 shares of rupees two each in the price band of Rs140-160 per share.

''The company plans to use about Rs 115 crore for purchase of equipment for expansion of metals business, Rs 60 crore for payment of debt and the rest for the general corporate purposes, Company's Vice President (Corporate Affairs) Kalyan Lahiri told reporters here.

The issue opens on December 17 and closes on December 19.

After allowing reservation up to 1,00,000 shares for employees, the net issue to the public will be 1,54,00,000 shares.

The total issue would constitute 22.29 per cent and net issue 22.15 per cent of the fully diluted post issue capital.

ICICI Securities is the book running lead manager to the issue.

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 mosquito coils and engineering business.

UNI