Hot Pursuit     08-Sep-23
Balaji Amines subsidiary Balaji Speciality Chemicals withdraws DRHP
Balaji Amines said that its material subsidiary, Balaji Speciality Chemicals (BSCL) has withdrawn the DRHP filed with SEBI on 8 September 2023.
Earlier the company's material subsidiary, BSCL had filed their DRHP on 10 August 2022 with SEBI in connection with their proposed initial public offer of its equity shares comprising of fresh issue of equity shares aggregating upto Rs 250 crore (including share premium) and an offer for sale of up to 26,000,000 equity shares by certain existing and eligible shareholders of BSCL,

Balaji Amines is a leading manufacturer of aliphatic amines in India. Broadly, the company is specialized in manufacturing methyl amines, ethyl amines, derivatives of specialty chemicals and natural product and its business is broadly classified into three segments - amines, specialty chemicals and derivatives.

The company's consolidated net profit declined 57.1% to Rs 52.73 crore in Q1 FY24 from Rs 122 crore posted in Q1 FY23. Revenue from operations slumped 30.8% to Rs 463.67 crore in Q1 FY24 as compared with Rs 670.17 crore in Q1 FY23.

The scrip rose 0.34% to Rs 2,252 on the BSE.

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