Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, will close for subscription today. It was subscribed 2.37 times, till yesterday, according to data available on NSE website.
The public issue received bids for 3.67 crore equity shares as against 155 lakh shares on offer.
Support was seen from qualified institutional investors, their reserved portion subscribed 4.6 times.
The company had entered capital market with a public issue of up to 15,500,000 equity shares of Rs 2 each for cash at a price band of Rs 140 to Rs 160 per equity share.
The total issue would constitute 22.29% and net issue 22.15% of the fully diluted post issue paid up capital of the company, respectively.
The company intends to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
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