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Flexituff plans to raise 100 crore through IPO

By SiliconIndia   |   Thursday, June 30, 2011
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Bangalore: Flexituff International plans to raise around Rs. 100 crore through an initial public offering (IPO) in July. The company filed the red herring prospectus with SEBI on March 24, 2011. The IPO would also mark the part-exit of Clearwater Capital, which holds a 25 percent stake in the company. Collins Stewart Inga is the book running lead manager to the issue. The IPO funds will be utilised for the expansion of manufacturing facilities at the company's SEZ and DTA units at Pithampur, for a dripper project in Kashipur, for working capital requirements, for general corporate purposes and to meet issue expenses. Flexituff International is one of the very few fully integrated plants is the world. A company promoted by the renowned Kalani group from Indore. Flexituff has the largest capacity in India (2nd largest in the World) to produce PP woven based products. It has the most modern Plant & Equipments under one roof to convert PP granules to tapes, fabric, printing, extrusion lamination & bag making. Flexituff is exporting to more than 40 countries in the world and has been receiving Best export awards year after year. In the 2nd half of the year 2010, the company did sales of 2,287.86 million.
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