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Mold-Tek Packaging Limited, formerly known as Moldtek Plastics, has decided to raise up to ₹150 crore via QIP (qualified institutional placement).
“We will use the facility on our foray into the IBM (injection blow moulding) technology. We will use part of the proceeds to set up a facility at Kanpur for a top paints company,” J Laxman Rao, Chairman and Managing Director of Mold-Tek, told BusinessLine .
He said the company has got a year’s time to raise the funds.
Also read: Mold-Tek Q2 PAT up 30 per cent
Eyeing the ₹5,000-crore IBM packaging products market in the country, the company has done a ₹ 10-crore pilot project in Hyderabad.
The IBM technology offers tighter part tolerances, offering secure packaging. It also gives companies to go for flexible designs, allowing the printed material nicely imprinted onto the packaging material.
“We will use the proceeds to set up plants and increase our capacities in a few other cities in the country. A major client wants us to double capacities at our Visakhapatnam and Mysuru plants,” he said.
The company, which registered a turnover of ₹ 480 crore last year, sees opportunity for IBM packaging products in the pharma, FMCG and cosmetics segments.
The proposal to raise funds through QIP has been approved by the extraordinary general meeting held on Monday.
The EGM also approved a proposal to appoint M Mytraeyi as Director, under the non-executive, non-independent promoter director category.
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