Fineotex Chemical, Fineotex Chemical, IPO, IPO News, IPO UPdates, Fineotex
Fineotex Chemical is planning to come out with an initial public offer to meet its proposed expansion plans. The company has filed draft paper with the Securities and Exchange Board of India (SEBI). The company plans to set up a manufacturing facility for the production of specialty chemicals with a capacity of 13,125 MT per annum in Maharashtra, according to the draft red herring prospectus (DRHP) filed with market regulator. Fineotex is likely to spend about Rs 7.14 crore towards setting up of a new manufacturing facility.
The company also wants to open its sales office in Mumbai at a cost of Rs 1.80 crore. It needs Rs 2.08 crore for working capital requirements. Fineotex group is a leading manufacturer of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry. The company also produces adhesives used in several industries like wood and paper.
According to draft papers, the company is considering the private placement of a portion of equity shares with certain investors, prior to the completion of the issue.
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