The Board of Directors of Balaji Amines Limited’s significant subsidiary, Balaji Specialty Chemicals Limited (“BSCL”) had given its approval for the fundraising, subject to the receipt of required approvals, including shareholder approval, market conditions and other considerations, by way of an initial public offering of its participating shares, in accordance with the Companies Act 2013 and rules made thereunder (“Companies Act”), the Regulations of 2018 of the Securities and Exchange Board of India (Lssue of Capital and Disclosure Requirements), as amended and other applicable laws (the “Offer”).
The proposed offering consists of a new issue of equity shares aggregating up to Rs. 2,500.00 million (including share premium) and an offer to sell up to 26,000,000 equity shares by certain existing and eligible shareholders of BSCL. The Company will not participate in the proposed Offer.
BSCL announced that it has filed a draft red herring prospectus dated August 10, 2022 with the Securities and Exchange Board of India.
Shares of Balaji Amines Limited were last trading in BSE at Rs. 3557.20 from the previous close of Rs. 3694.70. The total number of shares traded during the day was 55,215 in over 7,478 trades.
The stock hit an intraday high of Rs. 3830.00 and intraday low of 3505.15. Net turnover during the day was Rs. 203177392.00.
Source: Stock market bulls
Initial Public Offering