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Saturday, March 04, 2006

Technocraft Industries plans Rs 80cr IPO

Mumbai-based Technocraft Industries (India) has plans to enter the capital market with an IPO of Rs 80 crore (Rs 800 million) by April 2006, reports The Hindu Business Line.

The funds would be utilised for its expansion plans of Rs 125 crore (Rs 1.25 billion).

The company has diverse interest in drum closures, steel tubes, scaffoldings and cotton yarn.

It has a network of subsidiary companies and warehouses in United Kingdom, Poland, Hungary, Germany, and USA.

For its textile division the company is setting up a cotton yarn mill with 27,640 spindles to produce finer counts, which will add to its already existing capacity of 35,904 spindles.

It will entail an outlay of Rs 66.89 crore (Rs 668.9 million), of which Rs 13.37 crore (Rs 133.7 million) would be funded through the proposed IPO and the balance of Rs 53.52 crore (Rs 535.2 million) has already been tied up through a rupee term loan from Bank of India.

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