Manjushree Tech

Manjushree Extrusions, engaged in the business of providing packaging solutions has filed its DRHP with Sebi on 26/12/2007 for its rights-cum follow on public offer of equity shares aggregating to Rs 35.70 crore.

The issue comprises of a rights issue of 42,10,800 equity shares of Rs 10 each for cash at a premium of Rs 20 per share aggregating to Rs 12.63 crore and a follow on public offer of 51,26,100 equity shares of Rs 10 each for cash at a premium of Rs 35 per share aggregating to Rs 23.07 crore.

The company's shares are currently listed on Ahmedabad, Kolkata and Guwahati Stock Exchanges and now it proposes to list on the BSE. Centrum Capital is the lead manager to the issue.

The company is engaged in providing advanced packaging solutions through manufacture of speciality plastic packaging products for MNCs in FMCG, pharma, food processing and agrochemical sectors. The company's products include  injection/blow moulded PET/PP and multi-layer plastic containers manufactured by employing Japanese and European technologies.

The company intends to use the proceeds from the issue to part finance its Rs 56 crore expansion and diversification of its operations by setting up facilities for manufacture of speciality plastic container PET preforms.

For the 2^nd quarter ended September 30, 2007, the company recorded sales of Rs 19.44 crore as against Rs 18.11crore for the same quarter of the previous year, an increase of 7%. The company's net profit for the quarter was Rs 97 lakhs  as against Rs 43 lakhs in the corresponding period of the previous year, an increase of 126%.