- Issues growth guidance of Rs. 493 crores in sales and Rs. 125 crores in EBIDTA for 2010-11
- To split the stock to Rs. 2 per share
Rainbow Papers Limited, currently listed on BSE, would make its debut on NSE from June 02, 2010. The equity shares of Rainbow Papers (Symbol: RAINBOWPAP) shall be traded in the normal market segment (Rolling Settlement) in compulsory demat for all investors. One of the leading paper manufacturing companies in India using the eco-friendly process of recycling of waste paper, the company has a market capitalization of over Rs. 380 crores and is currently traded widely on BSE. The Board of Rainbow Papers has recently approved splitting of equity shares of the Company from Rs. 10 each to Rs. 2 each. After the splitting, the issued and paid up capital of the Company would be of Rs. 17,44,34,600/- consisting of 8,72,17,300 equity shares of Rs. 2 each.
Commenting on the listing of stock on NSE, Mr. Ajay Goenka, MD of Rainbow Papers Ltd. said, “The recent approval on splitting of stock and listing on NSE are the initiatives in line of our continuous effort to ensure that more and more people are able to participate in the growth story of Rainbow Papers Ltd. We believe that Rainbow Papers has entered into the best phase of our growth cycle and we aim to be the dominant player in the industry alongwith fulfilling our obligations to our shareholders, customers, employees and society as a whole”.
As a part of its guidance issued recently, Rainbow Papers has forecast sales of Rs. 493 Crores, an expected growth of 73.59% and EBITDA of 125 Crores, indicating a growth of 83.66% for FY 2010-11.
Rainbow papers concluded expansion of commissioning PM 7 (Paper Mill 7) in the FY 2009-10 and is further enhancing capacities by installing PM 8, a 350 TCD paper plant, at its existing location. The new plant would come into production by the last quarter of 2010-2011.
About RAINBOW PAPERS:
Rainbow Papers today is one of the fastest growing corporations in the Indian paper industry. The Company is currently exporting its products to various countries in the US, Middle East, South Africa, South East Asia and U.K. Rainbow papers Ltd. makes a wide range of world class products from Duplex to File Board, from writing paper to Art Card and from packaging and Electric grade crepe to Decorative tissues crepe, which has given us a good recognition amongst our users who thirst for better and new products.
Disclaimer : Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.
