Multi-locational industrial packaging supplier

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A press release from the company states that Midfield Industries based in Hyderabad will launch its initial public offering at a price-band of INR 126-133 for raising up to INR 60 crore (approximately US$ 13 million) on 19 July 2010. The issue will close on 21 July 2010. The issue would constitute 35.10% of the fully diluted post-issue paid-up capital of the company. Midfield manufactures all varieties of steel strappings, seals, collated nails and corner boards in what can be described at the organised industrial packaging industry used for shipping commodities such as metals and glass. The company proposes to utilise a part of the net proceeds of the issue to fund expansion of its existing plants at Hyderabad, Mumbai and Roorkee as well as to set up new manufacturing facilities. It will set up a new VCI paper facility at Hyderabad and a high tensile steel strapping facility at Sharjah in the United Arab Emirates, according to the release. ...cont´d

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