Fineotex plans IPO to fund specialty chemical unit

05 March 2008 17:07  [Source: ICIS news]

NEW DELHI (ICIS news)--India’s Fineotex Chemical Limited (FCL) is planning an intial public offering (IPO) to fund its proposed 13,125 tonne/year specialty chemicals plant in Khopoli, Maharashtra state, the company said on Wednesday.


The plant would begin commercial production in April 2009, it added.


In its draft prospectus, the company said it intended to issue 4.21m equity shares of rupees Rs10 ($0.25) denomination to the public in the price range of Rs35-42/share.


The exact issue price would be determined after the finalisation of the offer document and schedule, it said, though it did not specify the total amount of money it expected raise through the IPO.


FCL currently produces more than 100 specialty chemicals and supplies products to the textiles, leather, paints, adhesives and paper industries, with customers including BASF and Clariant.  


($1 = Rs40.3)

By: Naresh Minocha
+65 6780 4359

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