Business Daily from THE HINDU group of publications
Friday, Sep 28, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Sep 28, 2007 ePaper |
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Corporate
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Mergers & Acquisitions Indiastar (Mauritius) picks up 18.5% stake in IOL Chemicals Our Bureau New Delhi, Sept. 26 Indiastar (Mauritius) Fund, a foreign private investor, has picked up 18.5 per cent stake in Punjab-based IOL Chemicals and Pharmaceuticals Ltd, formerly known as Industrial Organics Ltd. The board of IOL Chemicals and Pharmaceuticals, a manufacturer of industrial chemicals and bulk drugs, on Tuesday approved to issue up to 13.3 lakh shares of face value of Rs 10 each at a premium of Rs 65 per share to Indiastar (Mauritius) Ltd and 14 lakh unsecured fully convertible debentures (FCDs) of Rs 100 each aggregating Rs 14 crore. A release from the company said that the FCDs could be converted in one and more tranches within a period of 18 months from the date of allotment into shares. The board has also decided to issue up to 23 lakh warrants, out of which 12 lakh warrants to Mayadevi Polycot Ltd and 11 lakh warrants to Indiastar (Mauritius). The company has completed the expansion of its capacities of acetic acid to 50,000 TPA, ethyl acetate to 33,000 TPA, and acetic anhydride to 12,000 TPA, and ibuprofen to 3,600 TPA. It has also put up a 4-MW cogeneration power plant for captive consumption. More Stories on : Mergers & Acquisitions | Pharmaceuticals | Foreign Institutional Investors
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