Tirupati Inks plans Rs 51 cr FPO; files DRHP with Sebi

Printing ink manufacturer Tirupati Inks today said it has filed the draft papers with the market regulator SEBI for its proposed follow-on public offer, through which the company aims to raise Rs 51.5 crore.

The company is planning to enter the capital markets with follow-on public offer (FPO) of its shares of face value of Rs 10 each aggregating to Rs 51.5 crore to be decided through 100 per cent book building process, Tirupati Inks said in a statement.

"The company has filed draft red herring prospectus with market regulator Securities and Exchange Board of India for the same," it added.

After the FPO, the company proposes to list its stock on the Bombay Stock Exchange and National Stock Exchange. At present, Tirupati Inks is listed on the Delhi Stock Exchange.

Tirupati Inks is engaged in the business of manufacturing of printing ink, trading of polyester films and other packaging materials.

The objective of the issue is to raise financial resources for setting up new facility for manufacturing of specialty inks like digital inks, UV Inks, offset printing inks and ink concentrates to augment and support existing product range of the company, it said.

Besides, the FPO proceeds would also to be used for company's inorganic growth plans by way of acquisitions and strategic investments.

The company has appointed Ashika Capital as the sole book running lead manager to the issue.