Astron Paper & Board Mill Ltd

Astron Paper & Board Mill Ltd

Astron Paper & Board Mill Limited is engaged in manufacturing of Kraft paper. The company makes the full range of Kraft paper ranging from GSM 80 to 350 GSM with 22 -35 BF. Within a short span of time the Company has developed a name for itself in kraft paper industry and it has been able to establish a brand associated with qualitative and comprehensive range of kraft papers. The Company mainly caters to packaging industry and has been able to develop a loyal clientele network consisting of various packaging companies and MNCs. Currently the company is operating in domestic markets with their products being supplied on pan India basis. The company has 4 manufacturing units with overall capacity of 174600 MT at three locations in Gujarat. The Company is promoted by Kirit G Patel Ramakant Patel Karshanbhai Patel and Asian Granito (India) Limited.Astron Paper & Board Mill Limited was incorporated as a public limited company on December 29 2010 in Gujarat. The company obtained the certificate of commencement of business on 3 February 2011 from the Registrar of Companies Gujarat at Ahmedabad.In 2012 the company commenced commercial production. The company's turnover crossed Rs 100 crore mark during the financial year ended 31 March 2014.In 2014 the company received ISO 9001: 2008 and ISO 14001: 2004 certification in respect of manufacture and dispatch of Kraft paper. During the year under review the company received FSC- STD-40-004 V2/1 Standard for COC Certification - October 2011 and FSC- STD-40-007 V2-0 Sourcing reclaimed materials - April 2011 in respect of purchase of pre and post-consumer recycled carton boxes and manufacture of 100% FSC Recycled Kraft paper in rolls containing at 85% post-consumer material under percentage system. In 2016 the company received Authorised Economic operator- T1 certificate. In 2017 the company received permission for availing Direct Port Delivery facility. On 21/06/2017 the company filed Draft Red Herring Prospectus and on 13/12/2017 filed Red Herring Prospectus with SEBI for raising Rs. 69.83 cr. The Issue dates were from 15/12/2017 to 20/12/2017 with Price Band of Rs. 45 to Rs. 50. The Issue got subscribed 241.14 times leading to its Issue Price being fixed at Rs. 50. The Shares got listed in BSE and NSE on 29/12/2017 at Rs. 114 which is 128% above Issue Price. The company acquired a Kraft paper plant located at Bhuj having capacity of 24000 MT/Year in an auction from Union Bank of India in December 2017 and commenced commercial production in February 2018.On 23 April 2018 Astron Paper & Board Mill Limited informed the stock exchanges that the company has entered in to MOU with the promoters of Balaram Papers Pvt. Ltd to take over the existing plant located at Ganeshpura Ta-Kadi Dist-Mehsana Gujarat and the details of purchase consideration & modus operandi will be intimated as soon as it is finalised.The Board of Directors of Astron Paper & Board Mill Limited at its meeting held on 23 July 2018 approved investment in equity shares of Balaram Papers Private Limited by way of acquiring 40.35 lakh equity shares. After such investment Balaram Papers Private Limited becomes the wholly owned subsidiary company of Astron Paper & Board Mill Limited subject to share transfer process and all other legal formalities.A new line PM2 with installed capacity of 33000 MT per annum of Kraft paper commenced operations at the company's existing plant location at Halvad in Gujarat on 15 October 2018.