Astec LifeSciences Limited, engaged in the manufacture and sale of active ingredients, intermediates and formulations for agrochemicals and pharmaceutical segment, proposes to expand existing manufacturing facilities at Mahad, Maharashtra and also the existing Research and Development facility at Dombivli, Maharashtra.
Mumbai, Maharashtra, India, August 19, 2008 (PRESSbooth.ORG) -- To fund this proposed expansion along with registration expenses and long-term working capital requirements, the Company proposes to enter the capital market with a public issue of 75,00,000 Equity shares of Rs. 10 each through 100% book building process and thus has filed DRHP with SEBI. Almondz Global Securities Limited is the Book Running Lead Manager for the Issue.
The Company started manufacturing operations with an installed capacity of 120 MT in 1994 and at present has the capacity of 2500 MT per annum. It proposes to expand it to 3650 MT with an investment of Rs 31.24 crores. It also proposes to expand Research and Development facility with an investment of Rs 2.46 crores.
Under the Agrochemical segment, Astec LifeSciences Limited manufacture active ingredients, intermediates and formulations and under Pharmaceutical segment it produces intermediates for Active Pharma Ingredients (API) manufacturers. Some of the domestic clients of the Company are Indofil Chemicals, Krishi Rasayan, Atul Limited a Syngenta, Biostadt India Limited and United Phosphorous Limited.. Among the major international clients are An Nong Company Ltd, Nufarm UK Ltd, Handelsgesellschaft Detlef Von Appen and Irvita Plant Protection N.V. The Company’s total income for FY 2008 was Rs 61.18 crores and net profit was Rs 8.07 crores as against total income of Rs 33.56 crores and net profit of Rs 3.70 crores in FY 2007.
Contact:
Manju Madan,
Sr. Vice President,
Concept PR
9320045784 / 9820045784 /40558900
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