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Saturday, January 07, 2006

Solar Explosives to tap market via IPO

Nagpur-based Solar Explosives plans to moblise funds from the capital market by issuing 44 lakh equity shares of Rs 10 each through book building process to fund the company's expansion at home and abroad, report agencies.

The company said it had filed the prospects with Sebi on December 29 for the initial public offer, IPO.

Solar Explosives, with an installed capacity of 80,000 MT of explosives and 5 crore detonators per year, recorded a consolidated turnover of Rs 72.36 crore (Rs 723.6 million) and profit after tax of Rs 11.44 crore (Rs 114.4 million) for the half-year ended September 30, 2005, it added.


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