Tatva Chintan slips after CFO resigns

Tatva Chintan Pharma Chem slipped 2.68% to Rs 2,079.3 after the company announced the resignation of Mahesh Tanna from the post of chief financial officer and key managerial personnel of the company on 24 August 2021.

Tatva Chintan said it has accepted the resignation and Tanna will be relieved from the company with effect from 31 August 2021 after closure of working hours.

The company said that it is in the process of appointing successor as chief financial officer and key managerial personnel.

Tatva Chintan Pharma Chem is a specialty chemicals manufacturing company engaged in the manufacturing of a diverse portfolio of structure directing agents (SDAs), phase transfer catalysts (PTCs), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals (PASC). It is the largest and only commercial manufacturer of SDAs for zeolites in India.

Shares of Tatva Chintan Pharma Chem entered bourses on 29 July 2021. The scrip was listed at a price of Rs 2,111.80 per share, at a premium of 95% to the initial public offer (IPO) price of Rs 1,083. The IPO of specialty chemicals manufacturing company received bids for 58.83 crore shares as against 32.61 lakh shares on offer. The issue was subscribed 180.36 times. The issue opened for bidding on 16 July 2021 and closed on 20 July 2021. The price band of the IPO was fixed at Rs 1073-1083 per share.

The company reported a consolidated net profit of Rs 52.26 crore and total income of Rs 300.36 crore in the twelve months ended 31 March 2021.

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