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| Astral Poly Teelmik issue opens on Feb 14 | | |
JAMMU | FEB 9
Astral poly teelmik Limited, a manufacturer and provider of CPVC piping and packing system in India since 1999,proposes to enter the capital market on 14th February with a public issue of 29,71,000 equity shares of Rs. 10 each at a price of Rs 115 per equity shares aggregating Rs 3416.65 lacs. The issue closes on 22nd February includes employees reservation of 1,50,000 equity shares aggregating. The issue and the net issue (after allowing for employee reservation) is 26.41% and 25.10% of the post issue paid up capital of the company respectively investor Services Ltd. is the lead Manager to the issue and Big share Services Pvt. Ltd is the registrar to the issue.
Total issue of 29,71,000 equity shares, 1,50,000 equity shares are reserved for employees one of the net issue to the public of 28, 21,000 equity shares, 14,10,500 equity shares constituting 50% of the net issue to the public is retail portion and the remaining 14,10,500 equity shares constituting 50% of the net issue to the public.
The company proposes to utilize the net proceeds of the issue to part finance for expansion project of its existing line of business i.e. CPVC pipes and fittings, and also to finance facilities of its upcoming products such as Astral underground systems. The proposed expansion programme is aimed at increasing two kinds of capacity of existing product such as piping or extrusion capacity and fitting or molding capacity.
Astral Poly teelmik has its production facilities at Gujrat and Himachal Pradesh to manufacture plumbing system from ½” to 8” diameter. Its products include CPVC pipes and fittings for hot and cold water plumbing system, CPVC industrial piping system for transportation of hazardous and highly corrosive chemicals lead free PVC system for cold water application. Innovative product designs and improvements, new technologies, and a fully integrated manufacturing system are all a part of ASTRAL’s ongoing commercial to quality, satisfaction and service.
The company has received an ISO 9001:2000 certificate in respect of manufacture and supply of PVC pipes and fittings for plumbing systems and industrial piping system National Sanitary Foundation (NSF) certifies the raw material used for manufacturing CPVC Products.
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