By: ICN Bureau
Last updated : October 13, 2021 8:56 am
The company intends fund its capital expenditure requirements to set up new manufacturing facility to manufacture Flexible Intermediate Bulk Containers.
SAT Industries Ltd's material subsidiary, Sah Polymers Limited filed a DRHP on the EMERGE Platform of National Stock Exchange of India Limited for an Initial Public Offer of 57,00,000 Equity Shares of Rs.10/- each through book building process. The proposed proceeds will be utilised for setting up a project for the manufacture of Flexible Intermediate Bulk Container (FIBC).
The company intends fund its capital expenditure requirements to set up new manufacturing facility to manufacture Flexible Intermediate Bulk Containers (FIBC) with an annual installed capacity of 3960 MT through net proceeds, internal accruals, term loan and loan from holding/promoter company.
The proposed manufacturing facility is envisaged to be set up at Village: Modi, Tehsil: Vallabh Nagar, District-Udaipur, Rajasthan. The company has acquired land parcel admeasuring to 16,000 sq.mt. in financial year 20-21 at Udaipur, Rajasthan from a third party.
The application for land use of the same has been submitted for conversion from agricultural to industrial. Further as per MSME Act Rajasthan, the same can be taken within 3 years from starting of operations. Our Company has paid a consideration of Rs 105.51 lakhs for purchasing