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Chemcel Biotech issues IPO

Chemcel Biotech Ltd. will issue initial public offer of 1,54, 00,000 equity shares of Rs 10 each at a premium of Rs 6 per share. The issue will be opened for subscription from September 9 to September 12.

08 Sep 2008

Chemcel Biotech Ltd. will issue initial public offer of 1,54, 00,000 equity shares of Rs 10 each at a premium of Rs 6 per share. The issue will be opened for subscription from September 9 to September 12.

The net issue to the public would be of 1,28,00,000 equity shares which would constitute 49.39 per cent of the post issue paid-up capital.

Chemcel Biotech which is at Vijaywada, is into manufacturing agrochemicals and has Central Insecticide Board registration for 34 products to manufacture pesticides, of which it currently manufactures 17 products. It mainly focuses on coastal districts of Andhra Pradesh, where paddy is grown extensively for its agrochemical business.

Chemcel intends to set up a bio-diesel manufacturing plant at Kondapalli near Vijaywada, Andhra Pradesh at a cost of Rs 10.95 crore, with a capacity of 20 tpd of three shifts. The additional working capital will be met by the plant on account of increased operations for the agrochemical & bio fertilizer division at Rs 9.45 crore.



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