Uflex’s Rs 250 cr rights issue likely by Sept

Flexible packaging firm Uflex plans to raise around Rs 250 crore through a rights issue by September to support its expansion plans and repay loans,a top official of the company said.

“We plan to raise around Rs 250 crore through a rights issue by September,2010. A part of the fund will be used to repay loans while the remaining will be used for business expansion,” Uflex’s Group President Finance & Accounts R K Jain said.

The Board of the company has already given its nod for the rights issue,he said.

Backed by a good growth in the domestic packaging industry,Uflex is eyeing to achieve a market share of 35-40 per cent over the next two years,Jain said.