The Mumbai-based leading pharmaceutical packaging provider Ess Dee Aluminium Ltd (EDAL) has successfully allotted its 1.41mn equity shares at a face value of Rs 10 each on a preferential basis at a premium of Rs 565 per share aggregating to Rs 81.07 cr. Prabhudas Lilladher Advisory Services Private Ltd. (PLAD) was the lead manager.

The preferential allotment of equity shares would be to Morgan Stanley Funds. The issue price of Rs 575 per share is higher by 7 per cent to the closing price of Rs 536.90 on 06/08/2007.

The company, is located at Daman and Goa with its 100 per cent subsidiary Flex Art Foils Pvt Ltd having units at Daman, Goa, Baddi and Vasai. The plants are modelled on the latest generation cGMP practices and are one of its kind in the aluminium foil industry. It has rolling mills with the latest equipments for producing quality foils. EDAL sources 100 per cent of its material required from GARMCO, Bahrain. Some of the company's clients include pharmaceutical giants like Pfizer, Glaxo and Cipla.

The company proposes to use the funds, infused through the issue, to consolidate and maintain company's growth momentum and to facilitate the pursuit of expanding its horizons through both organic and inorganic routes. The packaging opportunities in the pharmaceutical, Food and FMCG sectors are immense and EDAL with its inherent strengths, unique vertically integrated business model and end to end solutions providing capability is well poised to reap the benefits.