Shri Techtex Ltd Share Price – NSE

Textiles, Small Cap

Shri Techtex will hold a meeting of the Board of Directors of the Company on 9 November 2023.

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The initial public offer (IPO) of Shri Techtex received bids for 3,69,06,000 shares as against 74,00,000 shares on offer, as per NSE data as of 17:00 hours on Wednesday (July 26, 2023). The issue was subscribed 4.98 times.

The issue opened for bidding on Wednesday (July 26, 2023) and it will close on Friday (July 28, 2023). The price band of the IPO is fixed at Rs 54- 61per share. The minimum order quantity is 2,000 shares. The equity shares are proposed to be listed on the SME Platform of National Stock Exchange of India (NSE EMERGE).

The IPO comprises fresh issue of 74,00,000 shares The promoter and promoter group shareholding will dilute to 70.34% from 100% pre-IPO.

About 3,72,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 70,28,000 equity shares. The issue and the net issue will constitute 29.66% and 28.17%, respectively of the post issue paid-up equity share capital of the company.

The company intends to utilize the net proceeds to Construction Of Factory Shed, Purchase of Machineries, Commissioning of Solar Plant, To Meet Working Capital Requirements, To Meet Working Capital Requirements, General Corporate Purpose and To meet Public Issue Expenses.

Ahead of the IPO, Shri Techtex on Tuesday, 25 July 2023, raised Rs 12.81 crore from anchor investors. The board allotted 21,00,000 shares at Rs 61 per share to 5 anchor investors.

Shri Techtex engaged in the business of Polypropylene (PP) Non-Woven Fabric manufacturing. The practical use of non-woven fabric is more ecological for certain applications, especially in fields and industries where disposable or single use products are important, such as organic farming, hospitals, health care, nursing homes, home furnishing, vehicle upholstery seat fabrication, Mattress & furniture covering, ecological packaging, industrial and consumer goods.

The company recorded a revenue from operations of Rs 58.07 crore and net profit of Rs 9.10 crore for the period ended as on 31 March 2023.

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