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Mitsu Chem Plast files draft papers to raise Rs.125-Cr via FPO

Economic Times  

Packaging solutions provider Mitsu Chem Plast has filed draft papers with Sebi to raise INR 125 crore through a follow-on public offer (FPO) which comprises equity shares of face value of INR 10 each. Proceeds from the issue will be used to repay debt, and to fund the working capital requirements of the company. Mitsu Chem Plast manufactures polymer-based moulded products mainly used for industrial packaging in sectors such as chemicals, agrochemicals, pharmaceuticals, lubricants, food and edible oil. It has three manufacturing units in Maharashtra with a total installed capacity of 22,857 MTPA (Metric Tonne Per Annum).