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Mold-Tek raises Rs 103.6 crore through QIP issue  

Hyderabad: Hyderabad-based Mold-Tek Packaging raised Rs 103.6 crore through Qualified Institutions Placement (QIP). The QIP Committee at its meeting held on December 17, 2021, approved the issue and allotment of 14,00,000 equity shares to the eligible qualified institutional buyers at a price of Rs 740 per equity.
The funds which have invested in this QIP include investors such as Goldman Sachs India Equity, White Oak India Equity Fund, Aditya Birla Sun Life Trustee Private Limited Plc, ICICI Prudential Smallcap Fund and others.
The company is planning to deploy these funds for its entry into injection blow moulding products for regulated pharmaceuticals, food & FMCG, cosmetics and OTC medicine segments.
Hyderabad Newsclick here for more Hyderabad NewsThe company is also introducing digital packaging through dynamic QR coded in-mold labelling (IML), which will provide traceability, anti-counterfeit, and marketing promotion facilities, which can be digitally controlled.
Mold-Tek is also investing in new plants at Kanpur, Sultanpur-Hyderabad and doubling its capacity of existing plants in Mysore and Visakhapatnam, apart from augmenting its IML printing, die-cutting and tool room capacities.
Motilal Oswal Investment Advisors and Emkay Global acted as Book Running Lead Managers to the said QIP Fund raise.
J Laxman Rao, CMD, Mold-Tek Packaging said “Entry into high value-added segments and introducing digital packaging for the first time in India, may have attracted the interest of many marquee investors. Issue of shares at a premium of 2.44 per cent above the floor price indicates the confidence investors have on our company’s performance.”

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