Astec Lifesciences closes with 2% premium on 1st day

Astec Life BSE | NSE 10/02/12 Are Mutual Funds betting on Astec Life?

Astec Lifesciences has witnessed good buying interest on the first day. It closed at Rs 83.90, a premium of 2.3% over its issue price of Rs 82 on the BSE. The share has touched an intraday high of Rs 90.70 and low of Rs 80. It traded with volumes of 1,22,60,573 shares.

On the NSE, Astec ended at Rs 83.85, up 2.26%, after seeing an intraday high of Rs 90.70 and low of Rs 83. It traded with volumes of 1,32,42,907 shares and saw turnover of Rs 114.60 crore. It has opened at Rs 83 on the NSE and Rs 85.55 on BSE.

The company had come out with a public issue of 75,00,000 equity shares of Rs 10 each for cash at a price of Rs 77-82 per equity share. It has raised Rs 61.50 crore from the issue, which was subscribed just 1.56 times.

The company is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent-proprietary category with a focus on agrochemical and pharmaceutical sector.

The money raised via issue will be used for expansion of existing manufacturing facilities at Mahad, Maharashtra (at cost of Rs 31.24 crore); expansion of existing research and development facility at Dombivli, Maharashtra (at Rs 2.46 crore); meeting registration expenses (at Rs 3.69 crore) and meeting long-term working capital requirements (at Rs 11 crore).