Alkali Metals Limited IPO extends till Oct 15

Mumbai, Oct 11 (UNI) Alkali Metals Limited has decided to extend the last date for its initial public offer (IPO) to October 15 in the price band of Rs 86 to Rs 103 per equity share in the face value of Rs 10 each due to adverse market conditions.

There is no revision in the minimum bidding lot of 65 equity shares and in multiples of 65 equity shares thereafter. Earlier, the company's public issue of 25,50,000 equity shares in the price band of Rs 90-105 per equity share was scheduled to close on October 10, a company release said here today.

The company is engaged in manufacturing a range of fine chemicals, based on related chemistry. It proposes to utilize the net proceeds of the Issue to part finance its expansion plan involving setting up of an Active Pharmaceutical Ingredients (API) plant at Jawaharlal Nehru Pharma City at Parawada, near Visakhapatnam, with an installed capacity of 672 MT per annum.

The Pharma City is being developed by Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) in joint venture with M/s Ramky Group (the developer) through a SPV called Ramky Pharma City (India) Limited, from whom Alkali Metals has acquired 16.42 acres of land.

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