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Specialty chemicals maker Ami Organics files DRHP

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Ami Organics Ltd has filed a draft red herring prospectus with Securities Exchange Board of India (Sebi) to raise funds via an initial public offering. The issue comprises a fresh issue of INR 300 crore and an offer for sale of upto 6.06 million shares by its existing promoters and shareholders. Intensive Fiscal Services, Ambit and Axis Capital are the book running lead managers to the issue. The proceeds from the issue will be used for repayment of financial facilities of up to INR 140 crore. The firm will also use up to INR 90 crore for funding working capital needs. Ami Organics is a manufacturer of specialty chemicals with varied end-usage. For the fiscal year 2021, the company reported a revenue of INR 340.61 crore compared to INR 239.64 crore for the previous year. Net profit for the period stood at INR 53.99 crore against INR 27.47 crore last year.