Calyx Chemicals and Pharmaceuticals today said it has approached market regulator Sebi for permission to tap the capital market with an initial public offer.
The company, a manufacturer of active pharmaceutical ingredients and intermediates, said it "has filed the Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (Sebi) for an Initial Public Offering".
The issue will be of 68.3 lakh equity shares of face value of Rs 10 each for cash at a price to be determined through the 100% book-building process. The issue also includes an employee reservation portion of 50,000 equity shares.
However, the company has not disclosed about the utilisation of fund from the proceeds.
PL Capital Markets Pvt Ltd, Yes Bank and Punjab National Bank are the book running lead managers to the issue.
The company's standalone net sales grew to Rs 321.80 crore in 2009-10 from Rs 235.01 crore in the previous year, while profit after tax rose to Rs 21.89 crore in 2009-10 from Rs 15.48 crore in 2008-09.