Business Daily from THE HINDU group of publications
Tuesday, Sep 09, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Sep 09, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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IPOs
Mr K.T. Vijaya Kumar, Managing Director, Chemcel Biotech Ltd, at a press conference the announcing a company’s IPO in Mumbai on Monday. — Our Bureau Mumbai, Sept. 8 Chemcel Biotech Ltd, a company engaged in the business of agro-chemicals, announced on Monday that it will be entering the capital market with an IPO of 1.54 lakh equity shares of Rs 10 each at a premium of Rs 6 a share. This issue will open on Tuesday and will close on September 12. The net public issue would comprise 49.39 per cent of the post issue paid-up capital of the company and the net issue to the public would be 1.28 lakh equity shares. The company plans to raise Rs 24.6 crore from the issue. The shares of the company will be listed on the Bombay Stock Exchange. The company plans to use the earnings from the issue to set up a bio-diesel manufacturing unit in Andhra Pradesh. “This plant will be set up in Kondapalli in Andhra Pradesh at a cost of Rs 10.95 crore and will have a capacity of 20 tonnes a day of three shifts. For this unit the company has entered into an agreement with Jetro Petro Biotech in order to obtain raw materials. The company will also use the proceeds to meet its working capital requirements due to an increase in its agro-chemical and bio-fertilizer divisions,” said Mr K.T. Vijaya Kumar, Managing Director, Chemcel Biotech. He added that in the near future the company will expand their business to other geographical zones in the country. The sole book running lead manager (BRLM) for the issue is AllBank Finance. More Stories on : IPOs | Pesticides
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