NewsVoir
Mumbai (Maharashtra) [India], July 26: Platinum Industries Ltd., India’s leading manufacturer of PVC and CPVC additives has recently submitted a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The company has made an initial public offer of up to 15,903,000 equity shares of face value of Rs. 10 each (“equity shares”) of Platinum Industries Limited. Promoted by Krishna Dushyant Rana and Parul Krishna Rana, Platinum Industries Ltd. in consultation with the Book Running Lead Manager (BRLM), may consider a pre-IPO placement of specified securities, as may be permitted under the applicable law, aggregating up to Rs. 150.00 million, prior to filing of the Red Herring Prospectus with the ROC. The pre-IPO placement, if undertaken, will be at a price decided by the company, also in consultation with the BRLM.
The face value of the equity shares of the company is Rs. 10 each. The price band and the minimum bid lot will be decided by Platinum, in consultation with the BRLM and will be advertised in all editions of widely circulated English, Hindi & Marathi daily newspapers at least two working days prior to the bid / issue opening date and shall be made available to BSE limited (“BSE”) and National Stock Exchange of India limited (“NSE”) for the purpose of uploading on their respective websites in accordance with the Securities and Exchange Board of India (issue of capital and disclosure requirements) regulations, 2018, as amended (the “SEBI ICDR” regulations)
The Issue is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations. The Issue is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIB Portion”), provided that the company, in consultation with the Book Running Lead Manager, may allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis, in consultation with the BRLM, in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”).
From humble beginnings in the year 2016, Platinum Industries today stands tall as one of the leading PVC & CPVC additives manufacturers in India. The company provides end-to-end additives solutions for the entire range of polymers. Committed to setting international benchmarks, driven by innovation and the desire to create a sustainable ecosystem, Platinum Industries is among the very few chemical companies in India that is specializing in manufacturing superior quality, economical lead-free additives which are used in the manufacturing of PVC pipes, thus playing an important role in restricting the penetration of lead in water. The company’s state-of-the-art manufacturing plant and robust R&D lab in Palghar is continuously innovating to create stabilizers and other chemicals that can be used in a wide range of applications.
Company Website: platinumindustriesltd.com.
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