Manjushree Technopack Announces Rights Issue to Raise Capital

05 July 2024

Manjushree Technopack's board has approved a capital raise through the issuance of Compulsorily Convertible Debentures (CCDs) to existing equity shareholders on a rights basis. This decision follows the approval from the shareholders via postal ballot on June 15, 2024, and a resolution passed by the Board of Directors on May 10, 2024.

The Rights Issue involves 5,41,90,800 (Five Crore Forty-One Lakhs Ninety Thousand Eight Hundred) Unsecured Compulsorily Convertible Debentures, each with a face value of INR 100, fully paid up, amounting to a total of INR 541,90,80,000 (Indian Rupees Five Hundred Forty-One Crores Ninety Lakhs Eighty Thousand).

The Rights Issue is open to shareholders whose names appear on the company's Register of Members as of the Record Date, June 14, 2024. This includes both shareholders holding shares in physical form and those holding shares in electronic form as provided by NSDL and CDSL.

The Rights Issue will be open from 10:00 A.M. on Monday, July 8, 2024, to 6:00 P.M. on Sunday, July 14, 2024. Shareholders will have the opportunity to purchase CCDs at a ratio of 4 CCDs for every 1 equity share with a face value of INR 10 each.

In recent news, Advent International, led by Shweta Jalan in India, has been considering strategic options to enhance the value of Manjushree Technopack, India's largest rigid plastic packaging firm. Industry sources indicate that Advent is exploring the sale of a controlling stake or the possibility of an IPO, aiming for a valuation of up to a billion dollars. Advent currently owns over 98 percent of Manjushree Technopack.

For more information and to participate in the Rights Issue, shareholders are advised to visit the company's official communication channels.