Chennai-based specialty chemical maker Chemplast Sanmar Limited will open its three-day initial public offering (IPO) for subscription from Tuesday. The IPO, which will end on August 12, is worth ₹3850 crore and comprises fresh issuance of equity shares worth ₹1300 crore, as well as ₹2550 crore offer for sale (OFS). The OFS comprises the sale of ₹2463.44 crore by Sanmar Holdings Limited and ₹86.56 crore by Sanmar Engineering Services Limited. Investors are allowed to bid for a minimum of 27 equity shares after which they can bid in multiples of 27 equity shares. The early redemption, Chemplast Sanmar said, will help it reduce its outstanding indebtedness and debt servicing costs.

Source: Hindustan Times August 10, 2021 01:07 UTC