Advanta India Limited IPO to open on March 26

Bangalore, Mar 22: Advanta India Limited, an international agronomic seed company, is entering the capital market with an initial public issue of 3,380,000 equity shares of Rs 10 for cash at a premium to be decided through 100 per cent book binding process.

The Price Band has been fixed between Rs 600 and 650 per share.

The Issue opening on March 26 would close on March 30.

Advanta Chief Executive officer Satish Hegde told newsmen here today that the issue constituted 20.08 per cent of the post-issue paid-up capital of the company. The shares would be listed on the National Stock Exchange and Bombay Stock Exchange.

Mr. Hegde said that the company which has been operating in 14 countries, has focused in Rice in India. Rice market was expected to grow by 30 per cent to 35 per cent in India.

Bangalore headquartered Advanta India Limited is a wholly-owned subsidiary of United Phosphorus Limited, one of the leading generic agrochemical companies in the world with operations in the United States, Australia, China, Latin America and Europe.

He said that the group, with a dedicated Research and Development team of 128 employees worldwide, owns 39 registered trademarks in various countries. The company posted unconsolidated income of Rs 43.54 crore and a net profit of Rs 4.45 crore for the year ended March 31-2006.

UNI