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Thursday, May 03, 2007

Insecticides sets IPO price band at Rs 97-115

Insecticides (India) (IIL), which is into manufacturing and distribution of plant protection chemicals and house hold pesticides, will be entering the capital market with an initial public offering of 32.10 lakh shares of Rs 10 each at a premium to be decided through a book building process.

The price band of the issue is between Rs 97 and Rs 115 per equity share and is scheduled to open on May 7 and close on May 11.

In a press conference, Pradeep Aggarwal, chief financial officer, IIL, said, "The proceeds of the IPO will be used to set up a formulations plant at Samba (Jammu & Kashmir) and set up a manufacturing technical plant and research and development (R&D) facility at Chopanki (Rajasthan)", reports The Hindu Business Line.

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