Balaji Amines‘ subsidiary Balaji Speciality Chemicals has filed a draft red herring prospectus with capital markets regulator SEBI for fund raising via an initial public offering.
The offer consists of a fresh issue of equity shares worth Rs 250 crore and an offer for sale of 2.6 crore shares by certain existing and eligible shareholders of Balaji Speciality Chemicals.
Balaji Amines will not be participating in the proposed offer.
The company said it has filed draft papers on August 10.
In June, the board of directors of Balaji Speciality Chemicals gave approval for fund raising through initial public offer of equity shares.
Balaji Speciality Chemicals manufactures niche chemicals such as ethylene diamine (EDA), piperazine anhydrous (PIP), diethylenetriamine (DETA), aminoethyl ethanolamine (AEEA) and aminoethyl piperazine (AEP), using the monoethanol amine (MEA) process. These chemicals are used in various end-use industries such as speciality chemicals, agrochemicals, and pharmaceuticals.
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