Published on Thu, Jan 19, 2012 at 15:13 | Source : Moneycontrol.com
Updated at Thu, Jan 19, 2012 at 18:17
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Hindusthaan Eco Ventures plans IPO for expansion
Hindusthaan Eco Ventures plans to tap capital market for funding its expansion project. It has filed draft red herring prospectus with market regulator for its initial public offering of Rs 90 lakh equity shares. The company intends to dilute 45% stake through the issue.
Hindusthaan Eco Ventures plans to tap capital market for funding its expansion project. It has filed draft red herring prospectus with market regulator for its initial public offering of Rs 90 lakh equity shares. The company intends to dilute 45% stake through the issue.
The company is engaged in integrated operations of agriculture and manufacturing of organic pesticides and manure through our subsidiary Basarass Bio Con (India) Private Limited.
It intends to use issue proceeds for expansion of contract farming & development of animal husbandry (with an outlay of Rs 25.32 crore); setting up cold storage plant (with cost of Rs 4.05 crore); investment in subsidiary Basarass Bio Con (India) Private Limited for funding capital expenditure (Rs 13.94 crore); and working capital requirements (Rs 7.5 crore).
Hindusthaan Eco reported a profit after tax of Rs 1.37 crore on total income of Rs 22.28 crore during the period of six months ended on September 30, 2011. For the financial year 2010-11, its net profit stood at Rs 3.76 crore on total income of Rs 30.53 crore.
Comfort Securities Limited is the book running lead manager to the issue.
