Insecticides Ltd enters capital market

Hyderabad, May 2 (UNI) Insecticides (India) Limited is entering the capital market with an IPO of 32.10 lakh equity shares of Rs ten each for cash, at a premium to be decided through the book building process.

The proceeds of the issue, scheduled to open for subscription on May seven and close on May 11, would be used to fund the company's capacity expansion, backward integration and R and D project, according to a release here today.

The ISO 9001-2000 and 14001-2004 certified company had finalised the issue price band at Rs 97 - Rs 115 per equity share.

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

The company, manufacturing and distributing formulae of plant protection chemicals and household pesticides, reported an income of Rs 16,816.22 lakh for the nine-month period ended December 31, 2006.

The profit for the period amounted to Rs 1,547.79 lakh, indicating a profit margin of 9.20 per cent, the release added.

UNI