5,746,020 Equity Shares of Mega Flex Plastics Limited are subject to a Lock-Up Agreement Ending on 30-SEP-2023.
September 29, 2023
Share
5,746,020 Equity Shares of Mega Flex Plastics Limited are subject to a Lock-Up Agreement Ending on 30-SEP-2023. These Equity Shares will be under lockup for 376 days starting from 19-SEP-2022 to 30-SEP-2023.
Details:
Pursuant to Regulation 236 of SEBI (ICDR) Regulations 2018, minimum promoters? contribution should be not less than 20% of the post Issue equity share capital of the Company. Further, in terms of Regulation 238(a) of SEBI ICDR Regulations, minimum promoter?s contribution will be locked-in for a period of three years from the date of Allotment or date of commencement of commercial production, whichever is later, and the Equity Shares held by Promoter of the Company in excess of minimum promoter?s contribution will be locked-in for a period of one year from the date of Allotment.
In excess of minimum 20% of the post-Issue shareholding of the Company held by the Promoter (locked in for three years as specified above), the balance pre-issue share capital of the Company held by promoters shall be locked in for a period of one year from the date of Allotment in this Issue as provided in clause 238(b) of SEBI (ICDR) Regulations 2018.
Mega Flex Plastics Limited is an India-based integrated fruit and vegetable packaging solutions provider offering Leno Bags, which are used for packing of fruits and vegetables; technical textile fabric, and twisted sutli. The Company is engaged in manufacturing of leno bags which are used for packaging of agricultural products, such as potatoes, onions, garlic, coconuts, fruits and vegetables. Its leno bags are made from plastic granules and are used multiple times for storage of fruits and vegetables. Its leno bags are used in cold storage and warehouse for storing of various products. Its polypropylene (PP) woven fabric products are used in different industrial segments, such as bag manufacture, fertilizers, polymers, chemicals, textiles, machinery and food grain packing. Its brands include Lenoflex, Kisan, Kisan Regular, Goldflex, Goldflex Lite, Tiger, Tiranga, Hena. Its plant for manufacturing PP leno bags is situated at Sudha Ras Food and Poly Park, Howrah, West Bengal, India.