Tirupati Inks floats FPO to boost its activities

PrintWeek India, March 25 - Tirupati Inks based at Kanpur in Uttar Pradesh, has announced a follow-on-public-offering (FPO) to funds its 51.50-cr expansion plans. The company plans to enter the capital markets with an FPO of its equity shares of face value of Rs 10 each aggregating to Rs 515-million to be decided through 100% book building process.

Tirupati Inks is engaged in the business of manufacturing of printing ink and trading of polyester films and other packaging materials. Besides the local market it exports ink products to Middle East, Africa and South East Asian countries.

The company's two units are located in Kanpur and Jammu and is setting up a new unit in Ghaziabad in Delhi NCR which is expected to be operational by September 2010. The company recently launched water-based printing inks for the food packaging industry and also entered into a joint venture for technology transfer and service with a company based in Algeria.

Sanjiv Agarwal, chairman of Tirupati Inks, said: "We need financial resources for setting up new facility for manufacturing of specialty inks like digital inks, UV Inks, offset printing inks and ink concentrates to augment and support existing range of products."