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Our Bureau

Mumbai, Oct. 27 Astec Lifesciences, an agro-chemical and pharma company, is entering the capital market with an initial public offering of 75 lakh shares.

The issue will open on October 29 and close on November 4. The price band has been fixed at Rs 77-82 a share. The company plans to raise Rs 61.5 crore at the upper end of the price band.

The shares of the company will be listed on the BSE and the NSE.

The proceeds from the issue will be used to fund the company’s expansion of manufacturing facilities in Mahad (Maharashtra) and also for the expansion of its research and development facility in Dombivili (a Mumbai suburb).

The proceeds will also be used to register two products in Brazil and six products in India.

Qualified institutional buyers will be allotted 50 per cent of the shares. high net worth individuals will be allotted 15 per cent and retail investors will get 35 per cent.

The IPO has been assigned grade-2 by CARE Ratings, indicating below average fundamentals.

More Stories on : IPOs | Pharmaceuticals

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