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Manika Plastech Files Draft IPO Papers With SEBI
Manika Plastech Ltd. has filed draft papers with the Securities and Exchange Board of India to raise funds through an initial public offering. The offering comprises a fresh issuance of equity shares worth Rs 115 crore and an offer for sale of up to 1.5 crore shares by promoter VRIDAA Holding Trust, according to the draft red herring prospectus. It plans to allocate Rs 59.8 crore towards capital expenditure for purchasing plant and machinery, while Rs 25 crore will be used for debt repayment