Prasol Chemicals mobilises Rs 150 cr from anchor traders forward of IPO
The firm has allotted 22.19 lakh fairness shares to anchor traders at Rs 676 per fairness share, in keeping with a round uploaded on the BSE web site.
The whole worth of allotted shares to anchor traders stood at Rs 149.99 crore.
The anchor traders included Aditya Birla Sun Life Insurance Company Ltd, Tata AIA Life Insurance Company Ltd, Turnaround Opportunities Fund, ITI Mutual Fund, Tata Mutual Fund, Edelweiss Mutual Fund and Kotak Mahindra Mutual Fund, the round confirmed.
Out of the whole allocation, over 10 lakh shares, or 45.34 per cent, had been allotted to home mutual funds by way of a complete of eight schemes.
The firm’s Rs 500-crore IPO will open for subscription on September 8 and shut on September 10. The IPO worth band has been mounted at Rs 643-676 per fairness share.
The public supply includes a contemporary challenge of fairness shares price as much as Rs 80 crore and an offer-for-sale (OFS) of shares price as much as Rs 420 crore by promoting shareholders.Proceeds from the contemporary challenge can be used for compensation of debt, assembly working capital necessities and normal company functions.
The firm, initially integrated as Prachi Poly Products Pvt Ltd in 1992, modified its title to Prasol Chemicals in 2007 and subsequently turned a public firm once more in 2022.
Prasol Chemicals is a forward-integrated producer of acetone and phosphorus-based speciality chemical compounds, together with different speciality chemical compounds involving complicated and differentiated chemistries.
Several acetone and phosphorus derivatives in its portfolio are utilized in prescription drugs, synthesis of agrochemical energetic elements and formulations, apart from purposes as essential uncooked supplies in residence and private care merchandise equivalent to sunscreens, shampoos, flavours, fragrances and disinfectants.
