Chemplast Sanmar Ltd has introduced the price band for its initial public offering (IPO) between Rs 530 and Rs 541 per share. Earlier, the chemical company said its IPO would open on 10 August and close on 12 August.
Chemplast Sanmar’s IPO, backed by Canadian billionaire Prem Watsa, will raise Rs 3,850 crore.

The offer consists of a new issue of Rs 1,300 crore and an offer for sale (OFS) of Rs 2,550 crore by its current promoters and shareholders. The OFS comprises Rs 2,463.44 crore by Sanmar Holdings, Rs 86.56 crore by Sanmar Engineering Services Ltd.

The company is a part of the Chennai-based industrial conglomerate Sanmar Group, which interests in chemicals, shipping, and engineering. It manufactures paste PVC, chloro-chemicals, caustic soda, hydrogen peroxide, and refrigerant gases and has a contract manufacturing segment. The proceeds from the issue will be used for early redemption of non-convertible debentures worth Rs 1,238.25 crore

• HDFC Bank Shares Climb 3% on Strong Q1 Update
• Overnight Stock Market Movements: Key Developments 
• Stocks Under F&O Ban 
• Indian Hume Pipe Soars 9% on Rs 738 Cr Rajasthan Order
• Max Estates Jumps 6% as Q1 Pre-Sales Surges 5x

Rating firm Brickworks has revised its rating to negative from stable due to weaker than expected earnings in FY20 amid higher interest outgoes. The rating firm noted that “Until six months FY20(audited), the gearing and debt metrics were comfortable because of the low level of debt. However, from FY20 onwards, these were being impacted because of the additional debt because of NCDs raised in December 2019 and higher coupon payments. The debt-equity ratio increased to 1.42 times for FY20 (0.18 times as of 31 March 2019).