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| Astec fixes price band between Rs 77 and Rs 82 |
| Press Trust of India / Mumbai Oct 27, 2009, 15:50 IST |
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Supplier of intermediates, active ingredients and formulations to the agrochemical and pharma sectors, Astec LifeSciences, today said it plans to raise upto Rs 61.5 crore through an initial public offering openning tomorrow.
The city-based firm, which recorded Rs 93.72-crore revenue in 2008-09, has fixed the price band between Rs 77 and Rs 82 per share for its total offereing of 75 lakh equity shares of Rs 10 each.
The issue, the price of which would be decided through the book building route, would remain open for subscription till November 4.
Astec LifeSciences has two manufacturing plants at Mahad in Maharashtra with a total capacity of 2,800 tonnes. It also has a R&D centre at Dombivili, also in Maharashtra. It started operations in 1994.
"We want to use Rs 32.5 crore of the IPO porceeds to increase production capacity at Mahad to 3,950 tonnes, Rs 2.55 crore for expansion of R&D facility at Dombivali, Rs 3.75 crore for meeting product registration expenses and Rs 11-crore for long-term working capital requiremnets," company Chairman and Managing Director Ashok Hiremath said here.
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