Insecticides India to enter capital market on May 7

Chandigarh, May 2 (UNI) Insecticides and pesticides producer , Insecticides (India) Ltd (IIL), an ISO 9001-2000 and 14001-2004 Company will enter the capital market on May seven with its maiden public issue of 32.10 lakhs equity shares of Rs 10 each to fund its capacity expansion and R and D project.

The company has fixed issue price band between Rs 97 to Rs 115 per equity share each. The issue is scheduled to open for subscription on May 7 and close on May 11. The company is the owner of brands like Lethal, Victor, Thimet, Indan 4g, Kaiser etc.

The issue comprises of reservation of 32,100 equity shares for permanent employees and the ''net issue to public'' of 31,77,900 equity shares. The net issue to public would constitute 25.06 per cent of the fully diluted post-issue paid up capital of the company.

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

The company is in the business of manufacturing and distribution of plant protection chemicals and house hold pesticides. The company has its production facility at located at Chopanki (Rajasthan) and Samba (Jammu) with a total manufacturing capacity of 60 lakhs litres of Emulsifible Concentrate (EC), 2900 MT of Wettable Dispersable Power (WDP) and 10500 MT of granules per annum.

The product range includes more than 80 types of insecticides, fungicides, weedicides, herbicides and plant growth regulator for all types of crops and also household pesticides and caters mostly to domestic market. IIL provides end-to-end plant protection solutions to farmers through its distributors. The company has registered more than 70 brands.

Company reported an incomde of Rs 16816.22 lakh for the nine month period ended December 31, 2006. Profit for period amounted to Rs 1547.79 lakhs, indicating a profit margin of 9.20 per cent.

UTI Securities Ltd is the lead manager to the issue and Alankit Assignment Limited is the Registrar to the issue.

UNI