Balaji Amines arm Balaji Speciality Chemicals withdraws IPO papers
Balaji Speciality Chemicals has withdrawn its draft prospectus filed with Sebi last year, the company's parent Balaji Amines informed the exchanges on Friday.
However, the reasons for the withdrawal were not specified.
«In connection with the offer, we have been informed by the BSCL that its Board of Directors through a resolution passed in the Board Meeting dated September 8 has decided to withdraw the DRHP filed with SEBI,» Balaji Amines said in a filing.
Market analysts were expecting the IPO to be rolled out between late August to early September, but that did not materialise.
The company had initially planned to raise Rs 250 crore via the issuance of fresh equity shares, whereas existing shareholders would offload 2.6 crore equity shares from their holding.
According to the DRHP, net proceeds were proposed to be used towards repayment of debt, working capital requirements, and general corporate purposes.
The company had appointed HDFC Bank and JM Financial Services as the book-running lead managers for the IPO, whereas Link Intime India was to act as the registrar to the issue.
Incorporated in 2010, Solapur-based Balaji Speciality Chemicals manufactures niche chemicals, which are used in various end-use industries, such as speciality chemicals, agrochemicals, and pharmaceuticals.
The company manufactures niche chemicals such as ethylene diamine, piperazine anhydrous, diethylenetriamine, aminoethyl ethanolamine and aminoethyl piperazine, using the monoethanol amine process.
From FY20 to FY22, its customer base grew from 45 to 182, including key names like UPL, Dr Reddy's Labs, Aarti Drugs, and more.
It had a total installed production capacity of 30,000 MTPA as of March 31, 2022.
Meanwhile, on Friday, parent Balaji
