Overwhelming Response For Mold-Tek Packaging QIP

Mold-Tek Packaging Ltd has received an overwhelming response for its QIP issue, from many marquee investors. The Qualified Institutions Placement 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 which is at a premium of 17.60 per Equity Share i.e. 2.44%  on the floor price of Rs 722,40 as per SEBI guidelines.

The funds that have invested in this QIP include marquee investors like Goldman Sachs India Equity, White Oak India Equity Fund, Aditya Birla Sun Life Trustee Private Limited Plc, ICICI Prudential Smallcap Fund, and others.

As intimated earlier 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.

The company is also introducing digital packaging through dynamic QR-coded IML, which will provide traceability, anti-counterfeit, and marketing promotions facilities, that can be digitally controlled by our clients. This unique DIGITAL packaging solution is bought in India for the first time by Mold-Tek.

Mold-Tek is also investing in new plants at Kanpur, Sultanpur-Hyderabad and doubling its capacity of existing plants in Mysore and Vishakapatnam, apart from augmenting its IML printing, die-cutting, and tool room capacities. 

Motilal Oswal Investment Advisors Limited and Emkay Global acted as Book Running Lead Managers to the said QIP Fundraise.

Referring to the QIP success, Mr. Laxman, CMD said “Entry into high value-added segments and introducing digital packaging in India, may have attracted the interest of many marquee investors. Issue of shares at a premium of 2.44% above the floor price indicates the confidence investors have in our company’s performance”