Omkar Speciality Chemicals Limited announced that it expects to receive INR 35.63 million in funding.
January 11, 2013 at 11:00 pm EST
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Omkar Speciality Chemicals Limited (BSE:533317) announced a private placement of 950,000 warrants on preferential basis for gross proceeds of INR 35,625,000 on January 12, 2013. The warrants will be issued to the promoters and promoter group, and will be convertible into equity shares at a price not less than INR 150 per share. The company will receive 25% of the price per warrant at the time of issuance and the remaining 75% will be received at the time of exercise of warrant. he warrants will be exercisable until 18 months from the date of issuance. The board of directors approved the transaction.
On February 14, 2013, the transaction was approved by members of the company in the extra ordinary general meeting.
On February 21, 2013, the company raised INR 4,000,000 from Pravin S. Herlekar.
On February 23, 2013, the company raised INR 3,125,000 from Pravin S. Herlekar. The company issued a total of 190,000 warrants to Pravin S. Herlekar.
On February 27, 2013, the company raised INR 10,000,000 from M/s Svaks Biotech India Private Limited.
On February 28, 2013, the company announced that it has issued 190,000 warrants each to Omkar P. Herlekar, and Rishikesk P. Herlekar for total gross proceeds of INR 380,000.
Omkar Speciality Chemicals Limited is primarily engaged in the production of specialty chemicals and pharma intermediates. The Company manufactures a range of organic, inorganic and organo inorganic intermediates. The inorganic intermediates include selenium derivatives, iodine derivatives and the organic intermediates include tartaric acid derivatives and other intermediates. These products find applications in various industries like pharmaceutical industry, chemical industry, glass industry, cosmetics, ceramic pigments and cattle and poultry feed. The Company exports its products to Europe, Canada, Asia, South America, and Australia. Its selenium derivatives include selenium dioxide, selenous acid, sodium selenate, cadmium selenide and zinc selenite, among others. Its iodine derivatives include methyl iodide, ethyl iodide, cuprous iodide, and sodium iodide, among others. Its intermediates include pyridinium dichromate and pyridinium chlorochromate.