IIL to raise Rs 35 cr from equities

Mumbai, Apr 30 (UNI) Insecticides India Ltd (IIL), will raise nearly Rs 35 crore by the issue of 32.10 lakh equity shares of Rs 10 each, with an issue price band of Rs 97 to Rs 115 per share.

The fund raised from equities has been slated to disburse on the capacity expansion projects of IIL that include setting up a formulation plant in Jammu &Kashmir and a research and development (R&D) plant in Bhiwadi (Rajasthan), Managing director of IIL Rajesh Aggarwal, here today said.

''The fund raised will be pumped in for the capacity expansion, backward integration and R&D projects. Of the net offer to public, up to 50 percent is reserved for allotment to qualified institutional bidders, 15 percent is reserved for non institutional investors and atleast 35 percent to retail investors on a proportionate basis,'' Mr Aggarwal said.

While the product range includes 80 types of diverse products that comprise insecticides, fungicides, weedicides, herbicides, plant growth regulators and House hold pesticides, around 33 percent of the total net worth is generated from three top brands-Lethal, Victor and Thimet, he said.

The issue will be open for subscription from May seven to 11 with the UTI securities Ltd, while the lead manager and Alankit Assignments Ltd will be the registrar to the issue.

IIL had registered an income of Rs 168.16 crore for the nine months ended December 31, 2006, and a profit of Rs 15.47 crore which is a profit margin of 9.20 percent.

UNI