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Speciality chemicals maker Aether Industries raises Rs.240-Cr from 25 anchor investors

Economic Times  

Speciality chemicals company Aether Industries has raised a little over INR 240 crore from anchor investors ahead of its initial share-sale. The company has allocated 37,42,495 equity shares to anchor investors at INR 642 apiece, taking the transaction size to INR 240.26 crore. HDFC Bank and Kotak Mahindra Capital are the book running lead managers to the issue. A total of 25 funds have been allocated shares in the anchor round. These included Goldman Sachs, Nomura, SBI Mutual Fund (MF), Aditya Birla Sun Life MF, Kotak MF, Axis MF, IDFC MF and Tata MF. The company has cut the size of the fresh issue of equity shares to INR 627 crore from INR 757 crore planned earlier following the pre-IPO placement. Proceeds from the fresh issuance will be used to fund capital expenditure requirements for a proposed new project in Surat, Gujarat, fund working capital requirements and for payment of debt. Aether Industries focuses on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry core competencies.