Agrochemical company Astec LifeSciences IPO opens on Oct 29th

Agro chemical and Pharma Company Astec LifeSciences Limited will enter the capital market with its IPO of 75, 00,000 Equity Shares of Rs.10 each on October 29, 2009. The IPO closes on November 04, 2009. The price band of the IPO has been fixed at Rs.77 to Rs.82.

Of the 75 lakh shares, equity shares up to 1, 00,000 will be reserved for the company’s employees. This Issue is being made through a 100% Book Building Process. Almondz Global Securities Limited are the book running lead managers.

The main purpose of the IPO is to raise funds for the company’s expansion plans for its production and R&D units in Maharashtra. Astec plans to expand the production capacity of its unit in Mahad from the current 2800 Metric Tonnes to 3950 Metric Tonnes. The company will also upgrade its R&D facility at Dombivli near Mumbai which will enable them to carry out research on more complex molecules and to undertake contract research activities. The proceeds of the IPO will also be utilized to register two products in Brazil and six products in India.

Astec LifeSciences is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent–proprietary category with a focus on agrochemical and pharmaceutical Industry. The company carries out its manufacturing activities at two locations in Maharashtra, India comprising of three units. The Company has a team of 10 chemists who are engaged in research and development activities. Recognized by the Department of Science and Industrial Research, the R&D unit of Astec LifeSciences has been able to develop processes for various new products like Tebuconazole, Propiconozole and Metalaxyl. Astec LifeSciences has been granted ISO 9001:2000 Certificate of Assessment by International Standards Certification Pty limited, Australia for “Design, Development, Manufacture and Supply of Organic Chemical and Intermediates for Pharmaceutical and Agrochemical Industry”.

About Astec LifeSciences:

Astec LifeSciences is one of India’s leading producers of Agrochemical and Pharmaceutical products engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent–proprietary category with a focus on agrochemical and pharmaceutical Industry. With three manufacturing units in two locations, Astec believes in producing a diversified range of products catering to the needs of a wide range of customers. The company has been granted ISO 9001:2000 Certificate of Assessment by International Standards Certification Pty limited, Australia for “Design, Development, Manufacture and Supply of Organic Chemical and Intermediates for Pharmaceutical and Agrochemical Industry”.