Chemical manufacturing company Chemcon Specialty Chemicals on Saturday said in an exchange filing that the company has received instructions from the Gujarat Pollution Control Board (GPCB) to cease operations for its manufacturing plant located in Vadodara, Gujarat. The company’s shares fell more than 5% ₹433.8 per share in early deals on BSE on Monday.
The company will represent the GPCB for withdrawal of the closure notice and submit all relevant documents for the same, Chemcon said in a BSE filing.
Vadodara based Chemcon Specialty Chemicals Ltd. is a manufacturer of specialty chemicals like HMDS (Hexamethyldisilane) and CMIC (Chloromethyl Isopropyl Carbonate) which are mainly used in pharmaceutical industry (Pharmaceuticals Chemicals) and Inorganic bromides, mainly perfection in Oilfields industry. used as a liquid. (oil well completion chemicals).
Major clients of the specialty chemical manufacturer including Laurus Labs Ltd., Aurobindo Pharma Ltd. and Ind-Swift Laboratories Ltd. It exports products to global markets covering USA, Germany, Italy, South Korea, Japan, UAE, Serbia, Russia. Spain, Thailand and Malaysia.
Shares of Chemcon Specialty Chemicals made their debut in the stock market in October last year ₹The initial public offering (IPO) of Rs 318 crore got subscribed 149 times. The company intends to use the net proceeds from the new issue for capital expenditure for expansion of manufacturing facility, for meeting working capital requirements and for general corporate purposes. The issue price of the share has risen by almost 30% ₹340 per share.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.