Chemcel Biotech to enter capital market tomorrow

Mumbai, Sep 8 (UNI) Chemcel Biotech Limited (CBL), an agrochemicals manufacturer, will enter the capital market tomorrow with 1.54 lakh shares of Rs 10 each for cash at a premium of Rs six per share.

The issue will close on September 12. The proceeds would be utilised for financing the expansion plan that also includes a Bio-Diesel manufacturing plant at a cost of 10.95 crore at Kondapalli near Vijaywada, Andhra Pradesh, the Company said here today.

Apart from this, the Company will increase its operations for the Agrochemical and Bio Fertilizer division, for which additional working capital of Rs 9.45 crore is required, Chemcel Managing Director K T Vijaya Kumar said.

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