Anupam Rasayan repays significant debt from IPO proceeds

The repayment of debt will result in significant savings in the finance cost.

Anupam Rasayan India has re-paid certain identified borrowings aggregating to Rs 470.73 crore as on 31 March 2021 of its total outstanding debt from the net proceeds of its recently completed initial public offering.

The company's total debt as on 31 December 2020 stood at Rs 841.975 crore.

Anupam Rasayan India was listed on the bourses on 24 March 2021 at Rs 534.70, a discount of 3.66% from its IPO price of Rs 555 per share. The IPO of Anupam Rasayan was subscribed 44.06 times. The issue opened for bidding on 12 March 2021 and closed on 16 March 2021. The price band for the IPO was set at Rs 553-555 per share.

On a consolidated basis, the company reported a net profit of Rs 48.1 crore and revenue of Rs 539.22 crore in the nine months ended on 31 December 2020.

Anupam Rasayan is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India. The company has two distinct business verticals (i) life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (ii) other specialty chemicals, comprising specialty pigment and dyes, and polymer additives.

Shares of Anupam Rasayan India slumped 5.49% to Rs 524 on BSE.

Powered by Capital Market - Live News