Balaji Amines rallied 4.37% to Rs 3394.75 after the company said that board of its material subsidiary, Balaji Speciality Chemicals (BSCL), approved raising funds through an initial public offering (IPO).
The IPO will include fresh issue of equity shares aggregating upto Rs 250 crore and/or an offer of sale of equity shares by certain existing and eligible shareholders of the company.As at 31st March 2021, Balaji Amines owned 55% stake in BSCL. It was incorporated in the year 2010, and it makes unique products like Ethylenediamine (EDA), Piperazine (Anhydrous), Diethylene Triamine (DETA) & Aminoethyliperazine (AEP). During 2021, Balaji Speciality Chemical recorded a total income of Rs 1,81,32,18,571 and net profit of Rs 11,78,45,833.
Balaji Amines is a leading manufacturer of aliphatic amines & speciality chemicals in India, specialized in manufacturing of methyl amines, ethyl amines, derivatives of amines and other specialty chemicals. It reported 29% rise in consolidated net profit to Rs 108.72 crore on a 88% increase in revenue from operations to Rs 779.04 crore in Q4 FY22 over Q4 FY21.
Balaji Amines, as a shareholder, will consider and finalise its participation in the offer of BSCL, it said.
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