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Wednesday, September 06, 2006

Gwalior Chemical to raise Rs 800 mn via IPO route

Gwalior Chemical Industries, one of the producers of niche chemical products in India for Agro-Chemicals, Pharmaceuticals, Dye and Flavours and Fragrance Industry, is planning for raising capital through an IPO.

To finance the growth plans, GCIL is entering the capital market to raise Rs 800 million through equity issue of face value of Rs 10 each at a fixed price to be decided later.

The company has taken initiatives in the past to value-add most of its by-products into sellable products such as sodium bi-sulphite, sodium benzoate and hydrochloric acid, as a result of which these products presently contribute 3.5% of net sales for fiscal 2006.

The company presently has a customer base of more than 515 customers across 9 industries in 40 countries. The net sales and adjusted profit after tax for fiscal 2006 was Rs 1700 million and Rs 155.9 million respectively as compared to a net sales and adjusted profit after tax of Rs 1360 million and Rs 130.2 million for fiscal 2005.

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