The Hindu Business Line : Sah Petroleums IPO at Rs 35

Mr Rajendra Sah (right), Chairman, Sah Petroleums Ltd, with Mr Vivek Sah, Managing Director, addressing the press on the initial public offering in Mumbai on Thursday. - Paul Noronha

Mumbai , Aug. 19

SAH Petroleums Ltd is entering the capital market with an initial public offering of 90,80,000 equity shares of Rs 5 each for cash at a premium of Rs 30.

The size of this IPO in value terms is Rs 31.78 crore. The IPO opens on August 30, 2004. The proceeds from the issue will be used for expansion and modernisation of existing plants at Vasai and Daman, to set up new branches in India and abroad and meet additional working capital requirements.

Sah Petroleums manufactures speciality industrial lubricants, rubber processing oils, greases, automotive lubes and various grades of other oils. The company's products are marketed under the brand name IPOL. The promoter of the company is Mr Rajendra Sah.

According to the company, the Indian lubricant market is the fourth largest in the world with an estimated consumption of over 1.4 million tonnes. The industry turnover is estimated at Rs 7,000 crore.

The company said it has turned in a profit after tax of Rs 8.04 crore for the year ended March 2004 compared with Rs 2.45 crore in the previous year. Turnover increased to Rs 72.40 crore (Rs 54.89 crore).

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