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Kiri Dyes on capacity expansion spree thru IPO
14
Mar '08
Kiri Dyes and Chemicals Limited (KDCL), incorporated in 1998 by Mr. Pravin Kiri is a manufacturer of Reactive Dyes also known as Synthetic Organic (S.O. Dyes) and Dye Intermediates. The products are used in textiles, leather, paint and printing-ink industries.

KDCL supplies reactive, acid and direct dyes as well as dye-intermediates in various forms like standardized spray dried/tray dried - powder/granular, crude and reverse osmosis.

KDCL has manufacturing and processing plant of Synthetic Organic Dyes, Acid Dyes and Direct Dyes at Vatva in Ahmedabad with a combined capacity of 10,800 MTPA and dye intermediates (H-Acid and Vinyl Sulphone) processing plant at Padra in Vadodara having a capacity of 3600 MTPA each in the State of Gujarat.

Environmental compliance is one of the primary requirements in the chemical industry. KDCL complies with all the required environment laws and regulations and has also obtained ISO 14001 certificate for environmental management system.

KDCL is entering the Capital Market with its Initial Public Offer of 37,50,000 Equity Shares of face value of Rs. 10/- each, to raise funds for the following:
• To fund the capex for setting up sulphuric acid plant and oleum with combined capacity of 180,000 MT per annum at Vadodara at cost of Rs. 420.7 mn
• To fund expansion of dyes & its intermediates units at cost of Rs.17.4 mn
• To fund additional working capital at cost of Rs.66.9 mn
• To meet issue expenses

The above will be financed by initial public offer (IPO), internal accruals and Pre IPO placement. KDCL has made a Pre-IPO placement of Rs. 144 mn comprising of 11, 18,860 Equity Shares at a price of Rs. 115/- each and 1,31,140 Equity Shares at a price of Rs. 120/- each.

The backward integration project is proposed to be located at village Dudhwada, Taluka Padra, District Vadodara about 55 K.M. from Vadodara.

The plant is in close proximity from Vadodara, Ankleshwar and Ahmedabad, which are the main markets for Sulphuric Acid in Gujarat. The proposed location is very well connected by road and offers power, communication and transport facility.

KDCL is setting up the plant with latest Double Conversion Double Absorption technology and a power plant of the capacity of 2.9 MW, which can run from the steam generated by the Sulphuric Acid plant.

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Kiri Dyes and Chemicals Limited

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