Rungta Greentech Ltd., a manufacturer of recycled and virgin plastic products, on Wednesday said it has filed its draft papers to raise funds through an initial public offering.
The initial public offer is only a fresh issuance of 38 lakh equity shares, each with a face value of Rs 10 and the company shares will be listed on NSE Emerge, it said in a statement.
Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, and Link Intime India Pvt Ltd is the registrar to the IPO.
Proceeds from the fresh issue will be used by the company in its wholly-owned subsidiary, Rungta Eco Extrusions Pvt Ltd, for setting up a new manufacturing facility and general corporate purposes.
The new facility will serve as a forward integration to Rungta Greentech Ltd. existing products by adding food-grade recycled PET Resin and recycled HDPE/ PP granules to the portfolio.
The Kolkata-headquartered company manufactures recycled and virgin plastic products such as recycled PET (Polyethylene Terephthalate) Flakes (RPF), Polyester Dope-Dyed Monofilament Yarn (PMY), Nylon Monofilament Yarn (NMY), and Blow- and Injection-Molded Jars and Caps (BM & IM).
It operates two manufacturing facilities in Howrah, West Bengal.
The company was established by promoter duo Deepak Rungta and Praveen Rungta in August 2005.
RGL recorded a revenue of Rs 23.76 crore and a profit of Rs 2.45 crore in the first half of the current financial year, which ended Sept. 30, 2023.
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