Incorporated in 1994, Astec LifeSciences Limited is engaged in business of Agrochemicals and Pharmaceuticals. Company is primarily involved in the production of active ingredients and intermediates for agrochemicals and pharmaceutical segment. Hexaconazole, Tebuconazole, Metalaxyl and Propiconazole are some of their key products in agrochemical segment which are generally used in crop protection and Dicap is one of the key Pharmaceutical intermediate which is used in manufacture of antifungal agents.
Astec has multipurpose production facilities at 2 locations.
1. Dombivli - 1 plant (50km from Mumbai)
2. Mahad - 2 plants ( 180 kms from Mumbai)
Astec started it's first manufacturing unit in August 1994 in Dombivli, Maharashtra having an installed capacity of 120 MT for the manufacture of Dicap. In the year of 2002, Astec entered into an agreement with Behram Chemicals Private Limited for using and operating their manufacturing facilities located at Mahad Industrial Area, Maharashtra. During 2003-04 company expanded the total installed capacity of their units (Dombivli and Mahad) from 250 MT to 500 MT.
Astec has been granted ISO 9001:2000 Certificate of Assessment by International Standards Certification Pvt limited, Australia for “Design, Development, Manufacture and Supply of Organic Chemical and Intermediates for Pharmaceutical and Agrochemical Industry”.
Astec LifeSciences is promoted by 2 entrepreneurs:
1. Mr. Ashok Hiremath - aged 54 years, is a Masters of Arts from University of Oxford and Post Graduate Diploma holder in Chemical Engineering from University College, University of London.
2. Dr. P.L. Tiwari - aged 64 years, is a MBBS and MD (Medicine) from Banaras Hindu University. He is a Member of the Royal College of Physicians of the United Kingdom (MRCP) and Fellow of Royal College of Physicians, Edinburgh (FRCP). He is a practicing cardiologist in Mumbai. He was awarded UP Ratna award in January, 1996 by the Chief Minister of Maharashtra. He was also awarded L U Kirpalani Memorial Award for Life Time Achievement- 2005 by A’ward Medical Association.
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital:
1. Expansion of our existing manufacturing facilities at Mahad, Maharashtra;
2. Expansion of our existing Research and Development facility at Dombivli, Maharashtra;
3. Meeting Registration expenses;
4. Meeting long-term working capital requirements;
5. General Corporate Purposes;
6. Issue Expenses.
»» Issue Open: Oct 29, 2009 - Nov 4, 2009
»» Issue Type: 100% Book Built Issue IPO
»» Issue Size: 7,500,000 Equity Shares of Rs. 10
»» Issue Size: Rs. 61.50 Crore
»» Face Value: Rs. 10 Per Equity Share
»» Issue Price: Rs. 77 - Rs. 82 Per Equity Share
»» Market Lot: 75 Shares
»» Minimum Order Quantity: 75 Shares
»» Listing At: BSE, NSE
CARE has assigned an IPO Grade 2 to Astec LifeSciences Limited IPO. This means as per CARE, company has below average fundamentals. CARE assigns IPO gradings on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Link to download CARE rating document.
|Number of Times Issue is Subscribed (BSE + NSE)|
|As on Date & Time||QIB||NII||RII||Employee||Total|
|Shares Offered / Reserved||3,700,000||1,110,000||2,590,000||100,000||7,500,000|
|Day 1 - Oct 29, 2009 17:00 IST||0.2798||0.0000||0.3957||0.0000||0.2700|
|Day 2 - Oct 30, 2009 17:00 IST||0.5220||0.0000||0.4473||0.0270||0.4100|
|Day 3 - Nov 3, 2009 17:00 IST||0.5220||0.0000||0.4956||0.1763||0.4300|
|Day 4 - Nov 4, 2009 17:00 IST||0.6072||2.9997||2.3579||0.5010||1.5600|
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