Hemani Industries files DRHP for 40 lakh shares IPO

By SiliconIndia   |   Thursday, June 23, 2011
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Bangalore: Hemani Industries has filed draft red herring prospectus with market regulator SEBI on June 19, 2011, and plans to enter capital market with a public issue of 40 lakh equity shares, by diluting 30.76 percent stake post issue, reports moneycontrol. The company is engaged in the business of manufacturing a range of agrochemical intermediates (pesticides and pesticides intermediates), pigment intermediates, organic pigment intermediates, dyes and dyes intermediates and other speciality chemicals, focusing mainly on the export market. Company currently has three units at Vapi, Ankleshwar and Dahej (Bharuch). The issue would be used for setting up a new plant for manufacturing of agrochemical intermediates (with the cost of Rs 46.93 crore) and working capital margin for the new plant (Rs 5.2 crore). Hemani Industries has reported a net profit of Rs 7.58 crore on total income of Rs 151.82 crore for the period of nine months ended December 2010. Indbank Merchant Banking Services Limited is the book running lead manager to the issue.
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