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Friday, June 09, 2006

Gulshan Sugars & Chem files DRHP for follow-on issue

Gulshan Sugars & Chemicals, presently one of the largest producers of Calcium Carbonate in India, announced today that it has filed the draft prospectus with the Securities and Exchange Board of India, Sebi, to enter the capital market with a fixed price follow-on issue of equity shares as per the press release.

The company proposes to issue 66,00,000 equity shares of Rs 8 each for cash at a premium. The issue would constitute 51.51% of the fully diluted post issue paid up capital of the company.

The equity shares of the company are presently listed on Bombay Stock Exchange. It has now proposed to list the equity shares on National Stock Exchange also.

The funds raised by the company through the proposed issue are to fund its expansion plans. The company is setting up a 20,000 TPA Ground Calcium Carbonate, GCC, Unit and an additional 3 MW captive power plant at its manufacturing facilities at Muzaffarnagar, Uttar Pradesh.

The sole lead manager to the issue is SREI Capital Markets.

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