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Punjab Chemicals & Crop Protection
Punjab Chemicals to raise Rs 250 cr via GDR
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Punjab Chemicals to raise Rs 250 cr via GDR
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zoombusiness
Agro-chemicals major Punjab Chemicals and Crop Protection Ltd (PCCPL) is planning to raise around Rs 250 crore through global depository receipts (GDRs) in the next six months to fund its global acquisiton plans and other fund requirements
-bs
PCCPL is planning to issue shares in European and Asian countries and subsequent listings on Luxemburg Stock Exchange and Singapore Stock Exchange, according to sources.
The agro-chemical company has already hired advisors for the issue and will wait for their recommendations before finalising the details of the GDR.
PCCPL also intends to use the money for its capital expenditure and recruitment plans, among others.
PCCPL is likely to raise the amount through two tranches. The company is expected to raise around Rs 100-125 crore in the first tranche, which is expected to be announced in the next couple of months. The remaining money will be raised through the second tranche, expected within six months of the first tranche.
When contacted, top officials of the company declined to comment on the issue.
The company is believed to be in discussions with a US-based firm to acquire its agrochemicals portfolio. However, the name of the company could not be ascertained.
Earlier, the company acquired Agrichem Netherlands for around $60 million (nearly Rs 240 crore) last year, prior to which it bought Argentina-based Sintesis Quimica for $10 million (nearly Rs 40 crore). These buyouts had helped the company consolidate its position in North America, Latin America and Europe.
In 2006, the company acquired IAIC Chem for an undisclosed sum, a move that enabled PCCPL to venture into herbicides and fungicides formulation and water dispersible granules businesses.
Punjab Chemicals to raise Rs 250 cr via GDR
Posted by : zoombusinessTracked by: 0 Boarder
Agro-chemicals major Punjab Chemicals and Crop Protection Ltd (PCCPL) is planning to raise around Rs 250 crore through global depository receipts (GDRs) in the next six months to fund its global acquisiton plans and other fund requirements
-bs
PCCPL is planning to issue shares in European and Asian countries and subsequent listings on Luxemburg Stock Exchange and Singapore Stock Exchange, according to sources.
The agro-chemical company has already hired advisors for the issue and will wait for their recommendations before finalising the details of the GDR.
PCCPL also intends to use the money for its capital expenditure and recruitment plans, among others.
PCCPL is likely to raise the amount through two tranches. The company is expected to raise around Rs 100-125 crore in the first tranche, which is expected to be announced in the next couple of months. The remaining money will be raised through the second tranche, expected within six months of the first tranche.
When contacted, top officials of the company declined to comment on the issue.
The company is believed to be in discussions with a US-based firm to acquire its agrochemicals portfolio. However, the name of the company could not be ascertained.
Earlier, the company acquired Agrichem Netherlands for around $60 million (nearly Rs 240 crore) last year, prior to which it bought Argentina-based Sintesis Quimica for $10 million (nearly Rs 40 crore). These buyouts had helped the company consolidate its position in North America, Latin America and Europe.
In 2006, the company acquired IAIC Chem for an undisclosed sum, a move that enabled PCCPL to venture into herbicides and fungicides formulation and water dispersible granules businesses.
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NSE Announcements on Punjab Chemical
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Punjab Chemicals & Crop Protection Limited has informed the Exchange that the auditors have conducted the limited review of the Unaudited financial results for the quarter ended June 30, 2008. The auditors observation are: No provision has been made for diminution in the value of a long-term investment, the cost of which amounts to Rs.237.63 lacs, as required by Accounting Standards AS-13 Accounting for Investments issued by the Institute of Chartered Accountants of India....
BSE Announcements on Punjab Chemical
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Punjab Chemicals & Crop Protection Ltd has informed BSE that the auditors have conducted the limited review of the unaudited financial results for the quarter ended June 30, 2008....
BSE Announcements on Punjab Chemical
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With reference to news item appearing in leading financial daily titled "Punjab Chem chats inorganic growth path", Punjab Chemicals & Crop Protection Ltd has clarified to BSE that
the Company is exploring the possibilities of acquiring the product portfolio as part of inorganic growth, which is a routine on-going activity of the Company.
The Company is scouting for acquisition in US and other European countries. As and when the Company finalize any deal / acquisition it will inform to the Exchange accordingly....
NSE Announcements on Punjab Chemical
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News Verification : The media had reports that Punjab Chemicals & Crop Protection Limited is planning to buyout a US based entity. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Punjab Chemicals & Crop Protection Limited has vide its letter inter-alia stated, "The Company is exploring the possibilities of acquiring the product portfolio as part of inorganic growth, which is a routine on-going activity of the company. The company is scouting for acquisition in US and other European countries. As and when we finalize any deal/acquisition we will inform to the Exchange accordingly."...
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