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Kolkata, May 17: Time Technoplast Ltd, a company engaged in manufacturing and sales of polymer-based industrial and consumer products, is planning to set up a new facility at Thane in Himachal Pradesh to make disposable medical devices and augment production capacity of its Silvasa plant that makes plastic pails and plastic auto components.
Sanajaya Kulkarni, an independent director, said the company would spend Rs 35 crore for its Thane project and Rs 15 crore for its Silvasa plant in the next 5-6 months. It will also spend Rs 27.5 core and Rs 12 crore, respectively, to fund its wholly-owned subsidiaries, Elan FZE in Sharjah and Novo Tech SPZoo in Poland.
The company is entering the capital market with an initial public offer of 39,21,500 equity shares of Rs 10 each. The price band for the issue has been fixed between Rs 290 and Rs 315 per equity share. It plans to raise around Rs 160 crore to fund those projects.
He said the company has proposed to reserve 261,100 shares for eligible employees. The issue opens on May 18 and closes on May 23.
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