As per the reports filed with SEBI, Manjushree Extrusions Limited (Manjushree) has confirmed oversubscription to its Rights Issue to the extent of 107.10% and to its Follow on Public Offer to the extent of 137.45% of the equity shares offered for subscription pursuant to its recent composite issue to raise Rs. 35.70 crores from the capital markets. The Rights Issue for Rs. 12.63 crores had opened for subscription on 7th January 2008, while the Follow on Public Offer for Rs. 23.07 crores opened on 31st January 2008 and both the issues simultaneously closed on 6th February 2008. The company is in the process of finalizing the allotment of shares as per stipulated guidelines.

The fund being raised through the composite issue is proposed to be utilized to part finance the Company’s expansion cum diversification project at a cost of Rs. 53.70 crores, which is presently under implementation. A term loan of Rs. 18 crores has been sanctioned by SBI for the project.

Manjushree provides packaging solutions through manufacture of Specialty Plastic Packaging products including injection/Blow molded PET/PP and Multilayer plastic containers, which are being manufactured by employing Japanese and European technologies.

Manjushree is currently listed on Ahmedabad, Calcutta, and Gauhati Stock Exchanges and now proposes to list the existing shares as well as the shares under the Issue on Bombay Stock Exchange as well, which is the Designated Stock Exchange.

Centrum Capital Ltd., Mumbai are the Lead Managers to the Issue.

Sourced From: Pressman India

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