Tirupati Inks fixes FPO price-band at Rs 41/43

Tirupati Inks, engaged in the business of printing ink and polyester films, today said it will enter the capital market on September 14 with a follow-on-public offer (FPO) and has fixed the price-band at Rs 41 to Rs 43 per equity share of face value of Rs 10 each.

The issue for QIBs closes on September 16 and for others on September 17.

The company plans to raise Rs 51.5-crore, with promoters contributing Rs 11.51-crore while Rs 40 crore being raised from the public offer, the company said in a statement.

The company's equity shares are presently listed on the Delhi Stock Exchange and after this issue it will be listed on the BSE as well.

The company has roped in Ashika Capital as its book running lead manager for the issue, it said.

The company plans to utilise a part of the net proceeds of the issue for setting up a new facility for manufacturing  speciality inks like digital inks, UV inks, offset printing inks and ink concentrates.

Besides, a part of the funds is also proposed to be used to support the existing product range of the company which includes rotogravuere inks and flexographic inks used in printing of flexible packaging material and for company's inorganic growth plans by way of acquisitions and strategic investments, the statement said.

Tirupati Inks has two manufacturing facilities at Kanpur and Jammu.