PNN
Mumbai (Maharashtra) [India], March 11: Mitsu Chem Plast Limited (BSE:540078), one of the largest manufactures of Blow Molding, Injection Molding and Customized Molding, announce its Rights Issue which has been oversubscribed by 2.34 times.
A total of 15,09,075 equity shares were offered for subscription at a face value of Rs 10 each. The overwhelming response saw the company receiving bids for 35,30,921 equity shares, reflecting the confidence of investors in Mitsu ChemPlast's growth trajectory.
The Rights Issue was priced at Rs 144 per right equity share, with 50% of the Issue Price payable on application (i.e., Rs 72). The Right Entitlement Ratio stood at 1 Equity Share for every 8 Fully Paid Equity Shares.
Jagdish Dedhia, Chairman of Mitsu Chem PlastLimited, said, "We are grateful for the response to our rightsissue. This remarkable response signifies the market's recognition of our company's robust business strategies and our team's unwavering dedication. We are deeply thankful for the trust and confidence shown in us.
This accomplishment underscores our unwavering dedication to excellence, ingenuity, and enduring progress. We eagerly anticipate the possibilities that lie ahead and stand ready to deploy these resources thoughtfully, fortifying our position within the industry. Our pledge to foster sustainable growth and drive innovation remains steadfast, and we are enthusiastic about harnessing these funds to propel our company to unprecedented achievements within the industry."
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