The IPO of Alkali Metals has received bids for 26,24,700 shares as against issue size of 25,50,000 shares and is subscribed 1.03 times, as per NSE website. The issue had opened on October 7, 2008.
The company’s public issue of 25,50,000 equity shares in the price band of Rs 90 to Rs 105 per equity share was scheduled to close on October 10, 2008 but was extended to October 15, 2008 due to adverse market conditions. The price band was also revised to 86 to Rs 103 per equity share.
The IPO had received bids for 8,63,070 shares as against issue size of 25,50,000 shares and got subscribed 0.34 times, as per NSE website, till October 10.
The company is in the business of manufacturing a range of fine chemicals, based on related chemistry.
It proposes to utilize the net proceeds of the issue to part finance its expansion plan involving setting up of an Active Pharmaceutical Ingredients (API) plant at Jawaharlal Nehru Pharma City at Parawada, located 25 kms from Visakhapatnam, with an installed capacity of 672 MTPA.
The Pharma City is being developed by Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) in joint venture with M/s.Ramky Group (the developer) through a SPV called Ramky Pharma City (India) Limited, from whom Alkali Metals has acquired 16.42 acres of land.
Source: Moneycontrol.com
Tuesday, October 28, 2008
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