Board of Directors approves the terms of financing agreement with IFC, Washington
Vinati Organics Limited (VOL) (BSE: 524200) (NSE:VINATIORGA), today announced its third quarter 2011 financial results.
Highlights – Q3 2011
- Quarterly revenue rose to Rs. 86.24 Crores; up by 49%
- PAT is Rs. 14.34 Crores; up by 55%
- EPS is Rs. 2.90
Commenting on the results, Ms. Vinati Saraf Mutreja, Executive Director, Vinati Organics Ltd said, “We have had a strong third quarter by all measures. Continued robust demand has seen us clocking our highest ever quarterly revenues and we expect to maintain this momentum in the coming quarters as well.”
The Board of Directors has approved the terms of the financing agreement with International Finance Corporation, Washington.
The Company will be raising $16 million, of which $11 million will be through ECB and $5 million through FCCB which is convertible into Company Equity Shares at Rs. 100 per share.
The funds would be used to finance the expansion of ATBS capacity to 18000 MT; TBA capacity to 1000 MT; and industrial polymers to 4500 MT as well as to implement a green field Di Acetone Acrylamide (DAAM) Plant with a capacity of 1000 MT.
About Vinati Organics Ltd
Incorporated in the year 1989, VOL is into the manufacturing of specialty organic chemicals. It’s the world's largest manufacturer of Isobutyl Benzene (IBB) and the 2nd largest manufacturer of ATBS. ATBS is used in oil–field recovery, water treatment, acrylic fiber manufacturing, adhesives, and personal care products, as well as in mining industry, coatings, and as dispersing and flocculating agents. Other products include IBB which is the basic raw material for manufacturing Ibuprofen and Isobutylene (IB) which is used in agro-chemicals and is also a raw material for manufacturing ATBS. VOL exports more than 75% of its production across USA, Europe, Asia, Middle East and China and has been the preferred source for some of the largest chemical manufacturing companies in the world.
VOL is listed on the Bombay Stock Exchange and National Stock Exchange. It had a Net Sales of Rs. 23176 Lacs for FY10. The company has planned capacity expansion of the present facilities and introduction of new products to continue with its growth plans.
VOL has been included in Forbes Asia’s 200 Best Under A Billion in 2010 (the “List”). The List is an annual compilation of the Asia’s 200 best public-listed corporations with revenue under US$1 billion.
