Mitsubishi Pencil picks up 13.5% stake in Linc Pen & Plastics
KOLKATA: Japan-based Mitsubishi Pencil has acquired 13.5% stake in Linc Pen & Plastics for around Rs 20 crore.
The Japanese company is mulling to produce pens out of India for its international market in the facilities of Linc, which has been disbursing Mitsubishi’s ‘Uni-ball’ range of pens in India for the last 20 years. Mitsubishi is expected to unveil its office stationary products in India.
Linc Pen has informed that Mitsubishi will subscribe to 2-million equity shares of the firm at 100 per share, consisting 13.53% of the enhanced capital of Linc on a preferential allotment basis. Moreover, Linc is planign to raise its equity share capital from the present Rs 13 crore to Rs 15 crore.
The Mitsubishi range is responsible for almost 15% to Linc’s Rs 250-crore revenue, which the firm hopes will grow signifcantly.
Last year, Japanese writing instrument firm Kokuyo Co declared plans to buy over 50% stake in Camlin for nearly Rs 365 crore. French stationary firm BIC Group also plans to purchase significant stake in market leader Cello Pens.
Source : news.indiamart.com