Astec Lifesciences plans IPO on October 29


Bangalore: Astec Lifesciences plans to open initial public offering (IPO) of 75,00,000 equity shares of 10 each for cash at a price of 77-82 per equity share, aggregating 57.75-61.50 crore on October 29, 2009. The money raised via issue will be used for expansion of existing manufacturing facilities at Mahad, Maharashtra (at cost of 31.24 crore); expansion of existing research and development facility at Dombivli, Maharashtra (at 2.46 crore); meeting registration expenses (at 3.69 crore) and meeting long-term working capital requirements (at 11 crore). The company is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent-proprietary category with a focus on agrochemicals and pharmaceutical sector. The issue comprises a reservation of 1,00,000 equity shares for subscription by eligible employees at the issue price and net issue of 74,00,000 equity shares. The issue constitutes 44.30 percent of the fully diluted post issue paid-up capital of the company. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) of India. Almondz Global Securities is the Book Running Lead Manager (BRLM) and IDBI Capital Market Services is the Co-Book Running Lead Manager to the issue. Bigshare Services is the Registrar to the issue.