Chemcel Biotech IPO subscribed 1.83 times

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Mumbai, Sep 17 (UNI) The Initial Public Offer (IPO) of Chemcel Biotech Limited (CBL), engaged in manufacturing of agrochemicals and intending to expand into Bio-Diesel business, has been subscribed 1.83 times.

The IPO was closed on September 12. It received applications for 2,53,11,686 shares, as against the net issue of 1,38,00,000 shares offered to the public and its employees. The number of applications received for the offer was 6,971 amounting to Rs 40.49 crore a release said.

As part of its expansion plans, the Vijaywada-based Chemical Biotech had proposed to set up a Bio-Diesel manufacturing plant at Kondapalli near Vijaywada, Andhra Pradesh with a capacity of 20 TPD of three shifts. It had also proposed to raise additional working capital requirements through the IPO proceeds, on account of increased operations for the Agrochemical and Bio Fertilizer division.

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