BLS Polymers Limited

Red Herring Prospectus dated October 17, 2026

Summary

BLS Polymers Limited is proposing a fresh issue of up to 1,70,00,000 new shares. The price band is ₹142 to ₹150 per share.

About 54% of the amounts stated for the objects go to funding working capital requirements of the company, and about 46% to financing the capital expenditure requirement towards expansion of Manufacturing Facility by increasing manufacturing capacity of certain existing products. The amount for general corporate purposes is not yet stated.

The review found 4 points to read closely and 19 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Group entities in the same business
3. Licences and approvals pending, expired or not renewed
4. Supplier concentration

How the capital was built

• The last priced issue of shares was on 2 Aug 2006: 72,00,000 shares to promoters and others at ₹10 each (₹1.99 in today's shares) (7 allottees), 80.4% of the pre-issue capital, at 1.0 times the price of the previous issue about 5 years earlier; it came about 20 years before this prospectus.
• From the first priced issue (25 Jan 1991, ₹1.99 in today's shares) to the last, the price per share rose 1 times over 16 years.
• The price band of ₹142 to ₹150 is 71.39 to 75.41 times the last issue price (₹1.99, 2 Aug 2006).

Conclusion

Of the 4 points to read closely, 2 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; group entities in the same business) and 2 concern the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: contingent liabilities; guarantees given for group entities; issue expenses are high. These wait for the price and the final share count: issue price is a large multiple of promoters' cost. The pages to read are 37, 269, 319, 374, 430 and 433.