India's Ess Dee Aluminium Raises US$20 MLN Via PVT Allotment

NEW DELHI, Aug 20 - Ess Dee Aluminium Ltd on Friday said, it has raise Rs 810 million (US$19.6 million) through the preferential allotment of 1.41 million shares to Morgan Stanley Funds. The company has allotted 1.41 million equity shares of the face value of Rs 10 each at a premium of Rs 565 per equity share. The company would use the fund for expansion of its horizons through organic and inorganic routes, Ess Dee said in a release. The issue price of Rs 575 per share is higher by seven per cent than the closing price of Rs 536.90 on August 6 and Prabhudas Lilladher Advisory Services Private Ltd has facilitated the deal. Ess Dee Aluminium Ltd is a leading player in pharmaceutical packaging solutions and has manufacturing unit located in Daman and Goa, and with its 100 per cent subsidiary Flex Art Foils Pvt Ltd having units located at Daman, Goa, Baddi and Vasai. Some of the company's clients include pharmaceutical giants like Pfizer, Glaxo and Cipla.