Sunil Synchem Ltd (SSL), one of the leading manufacturers of Empty Hard Gelatin Capsules, has filed the draft prospectus with the Securities and Exchange Board of India for its proposed initial public offer (IPO). The company is planning to make a public issue of 25,00,000 equity shares of Rs 10 each for cash at a premium of Rs 50 per share aggregating to Rs 1500 lakh.
The company is a leading hard gelatin capsule manufacturer in the country with a capacity of 2660 million per year. In the last financial 2003-'04, the SSL registered a net profit of Rs 170.77 lakh with a total income of Rs 1748.15 lakh.
The proceeds of the IPO will be utilized to partly finance the Rs 2960 lakh expansion project of the company to increase the installed capacity to 6000 million capsules per year. The lead manger to SSL's IPO is Centrum Finance Limited.