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Plastene India IPO subscribed just 2% on day 1

Gets bids for 1.57 lakh shares

Plastene India's initial public offer (IPO) received bids for 1.57 lakh shares, compared with 92.55 lakh shares on offer, on the first day of bidding today. The IPO was subscribed just 2%. The company has fixed IPO price band of Rs 81 to Rs 84 per share.

The initial public offer (IPO) will close on 15 May 2012. The proceeds from issue of shares will be used by the company for expansion of manufacturing facilities and purchase of plant and machinery for manufacturing of new product, block bottom valve bags at Nani Chirai, amounting to Rs 49.34 crore; expansion of manufacturing facilities at Rajpur, amounting to Rs 28.07 crore; and for general corporate purpose.

The company's consolidated net profit stood at Rs 10.95 crore on net sales of Rs 382.51 crore for ten months ended January 2012.

Plastene India, promoted by Champalal G. Parekh, Prakash Parekh and Madhu P. Parekh, is engaged in the integrated business of manufacturing Jumbo bags, woven sacks (comprising of laminated woven sacks and BoPP laminated woven sacks), flexible packaging (comprising of printed laminates, preformed pouches, surface printed three-layer films and liners), woven fabric, tarpaulins and other products mostly used in self consumption which comprises of UV master batch, anti-fab master batch, multifilament yarn and webbings.

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