Avon Moldplast Ltd. has announced public offering of 884000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 41.00 per share. The gross proceeds of the issue are expected to be Rs 450.84 lakhs.
The company's initial public offer (IPO) will open on 12 July 2018 and is expected to close on 18 July 2018, subject to customary closing conditions. The IPO includes a fresh Issue of 884000 Equity Shares of the Company at an price of Rs 51.00 per Equity Share.
The company has fixed the minimum bid lot for the issue at 2000 shares with bids in multiples of 2000. Avon Moldplast Ltd.
anticipates using the proceeds of the issue for a To acquire additional molds of chair, cupboard, table etc at the existing manufacturing facilities of the Company located at A/, South of G T Road Industrial Area, Electrosteel Casting Compound, Ghaziabad , Uttar Pradesh, b To meet the incremental working capital requirements,c General Corporate Purpose.
Turnaround Corporate Advisors Pvt. Ltd. as lead manager & MAS SERVICES LIMITED is the registrar, to the issue.