Anupam Rasayan clears debt worth Rs 530 crore from IPO proceeds

The company had raised Rs 760 crore by its Initial Public Offering (IPO).


June 15, 2021 / 11: 38 AM IST

Chemical substances maker Anupam Rasayan has repaid debt worth Rs 530 crore from the catch proceeds of its no longer too lengthy prior to now finished preliminary public offering and need to clear an additional Rs 30 crore debt by next quarter ending September, 2021.

The company had raised Rs 760 crore by its Initial Public Offering (IPO).

Talking to PTI, Anupam Rasayan Chief Financial Officer (CFO) and spokesperson Afzal Malkani acknowledged the company's full debt is ready Rs 840 crore.

The target of the IPO became once to elevate Rs 760 crore, out of which Rs 560 crore became once for compensation of the debt and the the relaxation became once for classic corporate purposes, he acknowledged.

The company has repaid Rs 470 crore debt as on March 31, 2021 and one other Rs 60 crore became once repaid in the new quarter, he acknowledged and added that to this level a complete of Rs 530 crore debt has been cleared by the company.

"The last Rs 30 crore will seemingly be repaid both in the new or by next quarter ending September 2021," he acknowledged.

An total of Rs 560 crore debt out of Rs 840 crore, will seemingly be cleared by the next quarter and the last debt will seemingly be on the company's books, he added.

In protecting with Malkani, the balance Rs 200 crore funds from the IPO proceeds would possibly per chance maybe be frail for classic corporate purposes.

About Rs 160 crore has been dwelling aside for worth reduction measures and the the relaxation for working capital, he illustrious.

For example, about Rs 40 crore funds is being utilised for installation of the articulate voltaic panel which is in a neighborhood to encourage the company lower its vitality worth by Rs 10 crore every 365 days, he defined.

On future plans, Malkani acknowledged the company's focal level except 2023-24 fiscal would possibly per chance maybe be on totally utilising the present capacity of the vegetation that were commercialised this 365 days.

Anupam Rasayan had invested Rs 400 crore on two vegetation that were commercialised this 365 days. Within the new 365 days, the company plans to utilise 75 percent of the capacity of both the vegetation and in the next 365 days produce the most of 90 percent of the capacity, he acknowledged.

"Till FY'23, our instruct will come from the newly commercialised devices. Till 2023, we don't need to fright regarding the expansion," he acknowledged.

Malkani acknowledged that the company became once rising at 34 percent Compound Annual Insist Rate (CAGR) in the final three years and expects the momentum to continue.

"For that, we fabricate no longer even need capital expenditure. We would possibly per chance per chance also honest require capex for some minor modification and repairs, which we can fabricate from the company's within accruals," he acknowledged.

Declaring that there would possibly per chance be scope for instruct in the speciality chemicals industry in India, Malkani acknowledged the company has already utilized for a pair of products underneath the authorities's manufacturing-linked incentive (PLI) design and need to apply for about a more products next month.

However, it will yield outcomes from the 2023-24 fiscal onwards, he added.

The area speciality chemicals market is rising at 11-12 percent every 365 days. India accounts for 2 percent of the full market portion, which signifies that there would possibly per chance be immense scope for new industry, he added.

Anupam Rasayan had posted a 52.50 percent jump in its consolidated catch profit at Rs 70.3 crore in the 2020-21 fiscal, from Rs 53.20 crore in the outdated 365 days, as per a regulatory filing.

Shares of the company were trading at Rs 763.60 apiece, up 0.80 percent on the BSE.

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