Maharaja & Speedex India has invested Rs 19.80 crore in its wholly owned subsidiary, Dewdrop Bottles, by subscribing to 4,50,000 equity shares pursuant to the Rights Issue of the subsidiary.
The funds invested by the company will be utilised by the subsidiary towards meeting its capital expenditure requirements, including the purchase of plant and machinery for its existing manufacturing facility. The investment is intended to support the planned expansion and strengthening of the manufacturing capabilities of the company's wholly owned subsidiary and is in line with the stated objects of the Initial Public Offering (IPO).
Maharaja & Speedex India is engaged in the manufacturing, branding, marketing, and distribution of stainless-steel bottles and value-added drinkware products.
