Business Daily from THE HINDU group of publications
Tuesday, Oct 07, 2008
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Business Daily from THE HINDU group of publications Tuesday, Oct 07, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Outlook Markets - IPOs Our Bureau Hyderabad, Oct. 6 Alkali Metals Ltd is entering capital market with offer of 25,50,000 equity shares of Rs 10 each at a price band of Rs 90-105 to part fund the setting up of a new manufacturing base in Jawaharal Nehru Pharma City at Parwada near Vizag. ISSUE PROCEEDSThe company proposes to utilise the issue proceeds to finance their expansion plan that envisages setting up of an Active Pharmaceutical Ingredients (API) plant in the Pharma City. Being developed by Andhra Pradesh Industrial Infrastructure Corporation in a joint venture with Ramky Group, the Pharma City is located about 25 km from Vizag. The public offer of about 25.04 per cent of the company equity opens on Tuesday (October 7). The issue is managed by Saffron Capital and Chartered Capital and the equity shares will be listed on the BSE and NSE. The company has two manufacturing facilities located near Hyderabad and had recently enhanced the manufacturing capacities are now at 3,450 tonnes/year and 4,400 tonnes/year respectively. The Managing Director of Alkali metals, Mr Y.S.R. Venkata Rao, said the company has acquired about 16 acres of land in the Pharma City and is now in the process of taking up construction of third manufacturing unit. Addressing a press conference ahead of the issue, Mr Rao said the company has developed over 200 products in the dedicated R&D facility, which is recognised by the Ministry of Science and Technology. Last fiscal, the company closed with revenues of Rs 62 crore and profit of Rs 9 crore. The company sees opportunities to serve as a contract manufacturer. It already supplies for Archimica, Nihon Siberhegner, Dr. Reddy’s, Rallis, Aarti Drugs among others. More Stories on : Outlook | IPOs | Pharmaceuticals
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