Mangalam out with public issue

EPP News Bureau - Mumbai

Mangalam Drugs and Organics Ltd is coming out with a public issue of 65,00,000 equity shares of Rs 10 each for cash at a price of Rs 22 each (including a premium of Rs 12 per share). The issue opens on April 19, 2005 and closes on April 26, 2005.

The proceeds of the above issue shall be deployed for the following:

• To meet the cost of the project for expansion of its existing facilities as well as expansion of capacity of an existing product at new site.
• To meet additional working capital requirement.
• To meet the preliminary expenses and the expenses of the issue and
• To repay high cost loans.

The company is also proposing to enhance its capacity to manufacture anti-malarial bulk drugs by 600 MTPA and to manufacture aluminium chloride by 6000 MTPA.

The company has a state of anti multi-product manufacturing facilities at Vapi in Gujarat and Sangamner in Maharashtra for production of bulk drugs, perfumery chemicals, inorganic chemicals and disperse dyes intermediaries with a strong in-house Research and Development base.