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Dynemic Products to raise Rs 15.5 cr through IPO
Our Bureau
Mumbai
,
Jan. 11
THE Ahmedabad-based Dynemic Products Ltd, engaged in the manufacturing of food colours and blended food colours, is coming out with its initial public offer to raise Rs 15.47 crore.
The issue will open on January 18 and close on January 25.
The company is issuing 44,21,000 equity shares of Rs 10 each at a premium of Rs 25 per share. The lead manager to the issue is Centrum Capital Ltd. The company is raising funds to part finance its Rs 18-crore expansion project.
Citibank NA has also sanctioned a term loan of Rs 2.7 crore, Mr Shashikant Patel, Director, Dynemic Products, said while addressing the media here.
The funds would be utilised to finance backward integration and to expand the capacity of its existing units.
The backward integration exercise will cost the company Rs 4.19 crore while expansion in another unit involving installation of three plants has been put at Rs 13.22 crore.
The company has two manufacturing plants located at Ankleshwar, Gujarat, and its products are used in bakery, dairy, confectionary, soft drinks and meat products.
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