Tulsi Extrusions IPO to raise up to Rs 48.5 cr
Tulsi Extrusions Ltd plans to raise up to Rs 48.5 crore through an initial public offering of shares, starting on February 1, it said on Monday.
The maker of PVC pipes based in Jalgaon, Maharashtra, has set a price band of Rs 80-85 a share, and plans to sell 5.7 million shares, it said in a regulatory filing.
The company intends to use the issue proceeds for expanding manufacturing capacity for pipes and moulded fittings at Jalgaon, and for working capital requirements, it said in its draft prospectus.
For the year to March 2007, Tulsi posted net profit of Rs 4.16 crore, on net sales of Rs 59.16 crore. Almondz Global Securities is the sole book-running lead manager to the issue.
