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IFC may pick 18-20% stake in Meghmani Fine Chem: Sources
IFC is likely to invest 12 million dollars for an 18-20% stake in the wholly-owned subsidiary of Meghmani Organics, called Meghmani Fine Chem, reports CNBC-TV18, quoting sources. CNBC-TV18 analyst Varinder Bansal informed that the promoters and Meghmani Organics will invest around USD 30 million via equity, he said.
IFC is likely to invest 12 million dollars for an 18-20% stake in the wholly-owned subsidiary of Meghmani Organics , called Meghmani Fine Chem, reports CNBC-TV18, quoting sources. CNBC-TV18 analyst Varinder Bansal informed that therewould no equity dilution in Meghmani Organics. The promoters and Meghmani Organics will invest around USD 30 million via equity, he said. The promoters and IFC will invest close to USD 80 million via debt, Bansal added.
He further informed that the notice is already on the IFC website and the final decision would be out within one month.
Bansal said that Meghmani Fine Chem has expansion plans. It is planning a 1.1 lakh tons per annum (tpa) chlor-alkali plant. It would also be setting up a 40 MW captive power plant in Gujarat. The company's new plants would be commissioned by December 2008, Bansal said. The new plants would bring down the raw material cost to 50% of total sales, he added. Bansal estimated the total projected cost of both the plants at around USD 125 million. It will raise USD 45 million via equity and around USD 80 m via debt, Bansal informed.
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