Anupam Rasayan showed a lot of life in the early session; it rose over 2.5% to hit an intraday high at Rs.785, with volumes going up 1.5 times. Its 52-week high stands at Rs.849.70.
With an interview with PTIm the company’s CFO said that it has repaid debt worth Rs.530 crore from the Rs.760 crore proceeds of the IPO. It plans to clear another Rs.30 crore by Q2FY22.
The main objective of the IPO was to use Rs.560 crore for repayment of debt and rest for general purposes. The total debt of the company is at Rs.840 crore of which it will clear a total of Rs.560 crore by Q2FY22, after which Rs.280 crore will remain on the books.
The balance Rs.200 crore of the Rs.760 IPO proceeds will be split into Rs.160 crore for cost reduction and working capital and Rs.40 crore for installation of the solar panel to help bring down its energy cost by Rs 10 crore annually.