Will close on 4th October
Updated: September 26, 2023 12:58:42 am
Mumbai, Plaza Wires Limited is planning to raise up to Rs 71.28 crore from its public issue. The company has fixed the price band per equity share at Rs 51-54. The fresh issue of 1.32 crore equity shares will open for subscription on September 29 and close on October 4. The company plans to use the issue proceeds to set up a new manufacturing unit for domestic wires, fire resistant wires and cables to expand the product portfolio, fund working capital requirements and general corporate objectives. The company has a manufacturing facility at Baddi with an installed production capacity of 12,00,000 coils of standard size per annum. The company received Rs. from IPO. ₹24.4 crore is proposed to be used to set up a manufacturing facility to add 8,37,000 coils per year and manufacture new products such as fire-proof/survival wires, LT aluminum cables and solar cables. The company raised Rs. from public issue. It plans to use Rs 22 crore for working capital requirements and the remaining amount for general corporate purposes.