Navi Mumbai (Maharashtra) [India], August 29 (ANI/PRNewswire): Tembo Global Industries Limited ("Tembo" or "the Company"), manufacturer of Pipe Support System having a global presence, is opening its Rights Issue for subscription of its shareholders. The issue opens on August 22, 2022 and closes on September 5, 2022. The Company is raising Rs 3616.56 Lakhs through the Rights Issue to fund its working capital requirements and repayment of its certain outstanding borrowings. Equity Shares under the Rights Issue are offered at a price of Rs 100 per Share (including premium of Rs 90 per share) i.e. 20 per cent discount to the closing share price of Rs 125 per share on August 18, 2022 on NSE. Online Trading of the Rights Entitlements allotted to eligible shareholders is available on NSE between August 22, 2022 and August 29, 2022. Commenting on the development, Sanjay Jashbhai Patel, Managing Director, Tembo Global Industries Limited, said, "Tembo is India's hub for pipe support system solution products and UL and FM certified products and accounts for more than 65 per cent of the country's total production, housing over 2MT of production per day. Tembo Global Industries Limited has lined up major expansion plans in Virar region in the state of Maharashtra, keeping in mind strategic locational advantages, proximity to the raw material sources, easy and quick availability of manpower, proximity to some of the country's largest ports, among others. Upon the execution of the proposed plans, Tembo Global Industries Limited is expected to strengthen its position as an integrated one destination for all construction needs and Pipe Support System Solutions products and up the Company's margin profile in near to medium term." The Company has purchased land admeasuring 16000 sq. meters; which will increase production capacity to more than 400 per cent. The Company has estimated that net working capital requirement in Fiscal 2022-23 will be around Rs 7424.80 Lakhs, for which Company is planning to utilise around Rs 1909.24 Lakhs out of the Rights Issue Proceeds. Additionally, the Company also proposes to deploy the proceeds of the Rights Issue to meet general corporate purposes including other strategic initiatives, brand building and strengthening, marketing activities, and ongoing general corporate exigencies. Highlights of Key Strategic Initiatives and Milestones achieved in FY 2021-22:- - Foreign orders of 15.50 Million USD - Entered Canada Market and obtained UL certification for products - Entered the Australia& New Zealand Market - Projects awarded in CBD Egypt - Increased our global presence through offices in Sri Lanka and Texas, US - Arrangement with Idistub, Spain - Supplier's contract in FIFA Stadium Project, Qatar - Supplier's contract in Harmed international Airport - Supplier's contract in Saudi Aramco Project - Tembo materials used in Metro, Airport, refineries, Petro Chemicals industries, Building and construction, etc in India - Inhouse Manufacturing plant of Fasteners, Dry wall screw, Malleable Hangers etc. Company Address: Plot No. PAP-D - 146/147 TTC Industrial Estate, MIDC, Turbhe, Sanpada Road Opp. Balmer Lawrie Van Leer Co. Turbhe, Navi Mumbai - 400 705 Maharashtra- India This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)