ASCL to raise Rs 33.5 cr through IPO
Pigment manufacturer Asahi Songwon Colors Ltd (ASCL) on Monday said it will raise Rs 33 crore through its Initial Public Offering (IPO) to fund its expansion plans.
By PTI |
NEW DELHI: Pigment manufacturer Asahi Songwon Colors Ltd (ASCL) on Monday said it will raise Rs 33 crore through its Initial Public Offering (IPO) to fund its expansion plans.
The company is offering 30 lakh shares in the price band of Rs 92-108 per equity share of Rs 10 each through the 100 per cent book building process.
ASCL has appointed Fortune Financial Service Ltd as the book running lead manager for the issue.
The proceeds would be used in increasing CPC Blue Crude capacity to 10,800 million tonnes per annum (MTPA) from the present 3,600 MTPA at its Vadodara plant and to set up a 1,200 MTPA Pigment Beta Blue manufacturing facility with a two MW captive power-plant at a total investment of Rs 52 crore.
"There is huge demand for the CPC Blue Crude in the international market and we are planning expansions to increase our exports," ASCL Executive Director Gokul Jayakrishna said.
For this purpose, SBI has sanctioned a loan of Rs eight crore. The rest Rs 44 crore would be financed by issuing fresh capital, including the Rs 10.5 crore raised from the pre-IPO placement of 10.12 per cent stake with Japan's Dainippon Ink and Chemicals (DIC), he added.
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