IIL's forays in capital market, issue opens May 7

By Staff
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Google Oneindia News

New Delhi, May 1 (UNI) Insecticides India Ltd (IIL) will foray into the capital market with its first issue opening from May 7 at an Initial Public Offering (IPO) of 32.10 lakh equity shares of Rs 10 each at a price band of Rs 97-115.

The issue will close on May 11, the company said.

''The proceedings from the IPO would be used to set up a formulation plant in Jammu and Kashmir and a research and developement (R&D) plant in Rajastan,'' IIL Managing Director Rajesh Aggarwal told reporters here today.

The company, in manufacturing and distribution of plant protection chemicals and house hold pesticides, has two manufacturing plants in Rajastan and Jammu and Kashmir and the fund from the IPO would be used for its capacity expansion, backward integration and R&D projects, he said.

The issue comprises reservation of 32,100 equity shares for permanent employees and net issue to public of 31,77,900 equity shares.

The net issue to public will constitute 25.06 per cent of fully diluted post-issue paid up capital of the company.

Of the net offer to public, up to 50 per cent is reserved for allotment to qualified institutional bidders, at least 15 per cent reserved for allotement on a proportionate basis to non-institutional investors, and at least 35 per cent is to be made available for allotement to retail investors on a proportionate basis.

UNI

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