Astec LifeSciences Ltd IPO
The initial public offering (IPO) of Astec Lifesciences has opened for subscription. The issue is of 75,00,000 equity shares of Rs 10 each for cash at a price of Rs 77-82 per equity share, aggregating Rs 57.75-61.50 crore.
The company is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent-proprietary category with a focus on agrochemical and pharmaceutical sector.
It carries out manufacturing activities at two locations in Maharashtra, India comprising of three units viz. one unit at Dombivli, Maharashtra and two units at Mahad, Maharashtra.
The issue comprises a reservation of 1,00,000 equity shares for subscription by eligible employees at the issue price, and net issue of 74,00,000 equity shares. The issue constitutes 44.30% of the fully diluted post issue paid-up capital of the company.
The money raised via issue will be used for expansion of existing manufacturing facilities at Mahad, Maharashtra (at cost of Rs 31.24 crore); expansion of existing research and development facility at Dombivli, Maharashtra (at Rs 2.46 crore); meeting registration expenses (at Rs 3.69 crore) and meeting long-term working capital requirements (at Rs 11 crore).
The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange of India.
Source: Money Control
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