Pearl Polymers

Pearl Polymers, which has made good with manufacture of polyethylene terephthalate (PET) bottles, is issuing 20.8 lakh equity shares of Rs 10 each at Rs 25 premium, and offering out of this 20 lakh shares to the public on February 16 with lCICl and JM Financial as lead managers. The company has an estimated requirement of funds of Rs 17.87 crore, Rs 6.83 crore of it for expansion and Rs 7 crore for investment in Pearl Engineering Polymers, a new company it is establishing for manufacture of PET chips in collaboration with Zimmer of Germany, and with which it will be meeting the entire import requirement of PET chips. Pearl Engineering's project is to cost Rs 84 crore and it will be coming into the market shortly with a capital issue with preferential allotment to shareholders of Pearl Polymers. Pearl Polymers is expanding facilities for production of PET bottles from 48 million annually to 68 million at the existing sites at Jagani, Karnataka, and Mahad, Maharashtra. In addition to the public issue, the company is making a rights issue of Rs 4.04 crore. The expanded facilities are to come into operation by