Fineotex Chemical Limited IPO : CARE gives 2 out of 5 Grade

by khalid on 18/02/2011 · 0 comments

Navi Mumbai based Fineotex Chemical Limited IPO has got 2 out of 5 by CARE (rating agency) and this rating/grading is Below Average fundamentals for a Specialty Chemicals and Enzymes company IPO. The grade 2 indicates that the fundamentals of the IPO are Below Average compared to the other listed securities in India. The company is entering into primary market with an Initial Public Offer (IPO) of 4,211,160 Equity Shares of Rs 10 each. The premium of the issue will be decided through a 100% Book Building Process. Fineotex Chemical Limited is mainly engaged in the business of Specialty Chemicals and Enzymes for various industries like Textile & Garment Industry, Construction Industry, Leather Industry, Water Treatment Industry, Agrochemicals, Adhesives and others.

The objects of the fresh issue :- The proceeds from the IPO are proposed to be utilized for setting up of Manufacturing facility for production of specialty chemicals, setting up of Sales Office in Mumbai, margin money for working capital, meeting public issue expenses and general corporate purpose.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The Sole Book Running Lead Manager (BRLM) to the offer is Indbank Merchant Banking Services Limited.

Registrar of the Issue : Bigshare Services Pvt. Ltd. Mumbai.

Stay tuned to BelltheBull Blog for more news on Fineotex Chemical Limited IPO !

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