Meghmani Organics Ltd opens on June 4

Mumbai, May 24: Meghmani Organics Ltd, engaged in the manufacture of Pigments and Agrochemicals, proposes to enter the capitl market on June 4 with a public issue aggregating Rs 10.20 crore with a price band of Rs 17-19 per equity share of Re one each.

The issue will be closed on June 7.

The Company CMD Jayanti Patel told mediaperson '' The objective of the issue are to finance the setting up of a new high performance pigment plant at Vatva, Ahmedabad and a multi purpose agro-chemicals plant at Panoli in central Gujarat. Further the Company would use the issue proceeds to invest in its subsidiary, Meghmani Energy Ltd to finance the 3 MW captive power plant to be located at Chharodi, inorganic growth diversification opportunities and working capital requirements. The Company's Depository Shares are listed on the Singapore Exchange Securities Trading Ltd where it has secured the Securities Investors' Association of Singapore (SIAS) Investors Choice Awards for the Most Transparent Company for two consecutive years.''

UNI