Chemical Manufacturing Company, Tatva Chintan Pharma Chem Raises Funding Rs 150 Cr From Anchor Investors
- BySheetal Sidhu | July 16, 2021
Specialty chemical manufacturing company Tatva Chintan Pharma Chem on Thursday said it has garnered Rs 150 crore from anchor investors ahead of its initial share sale, which will open for public subscription on Friday. The company has decided to allocate 13,85,040 equity shares at Rs 1,083 apiece to anchor investors, aggregating the transaction size to Rs 150 crore, a circular uploaded on the BSE website showed. Goldman Sachs India Ltd, Abu Dhabi Investment Authority, Aberdeen Standard Asia Focus Plc, Malabar India Fund Ltd, Axis Mutual Fund (MF), ICICI Prudential MF, HDFC MF, SBI MF, Aditya Birla Sun Life MF and SBI Life Insurance Company are among the anchor investors who participated in the anchor book.
Proceeds from the fresh issue would be used towards funding capital expenditure requirements for expansion of the company’s Dahej manufacturing facility; up-gradation of an R&D facility in Vadodara; and general corporate purposes. Vadodara-based Tatva Chintan is a specialty chemical manufacturing company. The company exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa and the UK. For the fiscal ended March 31, 2020, the company posted a profit of Rs 37.78 crore as compared to Rs 20.54 crore in the preceding financial year, while it reported a revenue of Rs 263.23 crore against Rs 206.3 crore.
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