Manjushree gets nod for stock market listing

Kolkata, Feb 27(UNI) Manjushree Extrusions Limited (Manjushree), the speciality plastic packaging manufacturer, has obtained approval of Bombay Stock Exchange (BSE) for listing and trading of its equity shares, effective from February 28, 2008 following closure of its recent composite issue.

According to stock market sources, BSE admitted Manjushree's shares for dealing following closure of its recent composite issue.

The composite issue comprised Rights Issue of 4210800 equity shares of Rs 10 each at a premium of Rs 20 per share and a Follow on Public Offer of 5126100 equity shares of Rs 10 each at a premium of Rs 35 per share, aggregating Rs 35.70 crores.

Both the issues simultaneously closed on Febraury six and the allotment of equity shares was made on February 20 on the basis of BSE norms.

The fund raised through the composite issue is proposed to be utilized to part finance the Company's expansion cum diversification project at a cost of Rs 53.70 crores, which is presently under implementation. A term loan of Rs 18 crores has been sanctioned by SBI for the project.

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