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Specialty chemical manufacturing company Tatva Chintan Pharma Chem has filed preliminary papers with capital markets watchdog Sebi to raise Rs 450 crore through an initial share sale.
The initial public offer (IPO) comprises fresh issuance of equity shares worth Rs 225 crore and an offer of sale to the tune of Rs 225 crore by existing promoters and shareholders, according to draft red herring prospectus (DRHP).
Proceeds from the fresh issue would be used towards fundingcapital expenditure requirements for expansion of the company's Dahej manufacturing facility; up-gradation of an R&D facility in Vadodara; and general corporate purposes.
In addition, the company said it expects to receive the benefits of listing equity shares on the stock exchanges including enhancing visibility and brand image among existing and potential customers and creating a public market for equity shares in India.
Vadodara-basedTatva Chintan is a speciality chemical manufacturing company. The companyexport most of its products to over 25 countries, including the USA, China, Germany, Japan, South Africaand the UK.
For the fiscal year ended on March 31, 2020, the company posted a profit of Rs 37.78 crore as compared to Rs 20.54 crore in the preceding financial year, while it reported a revenue of Rs 263.23 crore against Rs 206.3 crore.
ICICI Securities and JM Financial have been appointed as merchant bankers to the issue. The equity shares of the company will be listed on NSE and BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Fri, April 02 2021. 17:46 IST