Mold-Tek Packaging raises Rs 103.60 crore from QIP issue

The company's board has approved the QIP issue price at Rs 740 per equity share.

The company said that its QIP committee on Friday (17 December 2021) has approved the closure of qualified institutions placement (QIP) issue. The company had previously announced opening of the issue of Tuesday (14 December 2021).

The company's QIP committee has determined and approved the issue price of Rs 740 per share for the equity shares to be allotted pursuant to the issue. The issue price is at a 2.44% premium to the floor price of Rs 722.40 per share.

The company's board has approved allocation of 14 lakh equity shares to the eligible qualified institutional buyers.

Allottees who have been allotted more than 5% of the total equity shares offered in the QIP are Goldman Sachs Funds - Goldman Sachs India Equity Portfolio (27.61%), Ashoka India Equity Investment Trust PLC (21.24%), Aditya Birla Sun Life Trustee Private Limited A/C (19.30%), ICICI Prudential SmallCap Fund (14.48%) and White Oak India Equity Fund IV (10.62%).

Mold-Tek Packaging said that it intends to utilize the net proceeds from the QIP issue for ongoing and future capital expenditure requirements of the company, working capital requirements, debt repayment and general corporate purposes.

Mold-Tek Packaging is a packaging company, which is involved in the manufacturing of plastic packaging containers. The company manufactures rigid plastic packaging containers through injection molding technology for paints, lubes, oils, food, fast-moving consumer goods (FMCG) and other sectors.

The company's consolidated net profit rose 30.68% to Rs 17.59 crore on a 33.99% increase in net sales to Rs 159.53 crore in Q2 FY22 over Q2 FY21.

The scrip rose 0.85% to end at Rs 725.90 on the BSE on Friday.

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