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Technocraft Ind plans Rs 80-cr IPO

Our Bureau

Mumbai, March 3

Mumbai-based Technocraft Industries (India) Ltd has plans to enter the capital market with an IPO of Rs 80 crore by April 2006. The funds would be utilised for its expansion plans of Rs 125 crore.

The company has diverse interest in drum closures, steel tubes, scaffoldings and cotton yarn.

It has a network of subsidiary companies and warehouses in United Kingdom, Poland, Hungary, Germany, and USA. For its textile division the company is setting up a cotton yarn mill with 27,640 spindles to produce finer counts, which will add to its already existing capacity of 35,904 spindles. It will entail an outlay of Rs 66.89 crore, of which Rs 13.37 crore would be funded through the proposed IPO and the balance of Rs 53.52 crore has already been tied up through a rupee term loan from Bank of India.

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