Panchsheel Organics Ltd gets land for expanion project

Panchsheel Organics Limited has been allotted a land admeasuring 19163 sq. meters (approx) 5 Acre on lease for 99 years at DMIC Vikram Udyogpuri Biotech Park near Indore for a total consideration of Rs. 3 crore excluding taxes and the Company is in the process of completing all the regulatory formalities.

The source of funding includes part proceeds from fund raised through allotment of preferential shares and warrants and internal accruals / debt (if needed).

This allocation and subsequent allotment of land within the DMIC Vikram Udyogpuri Biotech Park near Indore will allow us to setup an additional fermentation unit in Indore, over and above the new unit coming up in Pithampur, MP and de-risk ourselves from a single location. This new facility will also have capability to manufacture API/Intermediates and can gradually be scaled up to 120 TPA at the same location.

Total investment envisaged in this project stands at up to Rs 70 crore (excluding working capital requirements).

Shares of PANCHSHEEL ORGANICS LTD. was last trading in BSE at Rs. 264.40 as compared to the previous close of Rs. 270.15. The total number of shares traded during the day was 12628 in over 260 trades.

The stock hit an intraday high of Rs. 270.15 and intraday low of 257.65. The net turnover during the day was Rs. 3299119.00.

Source : Equity Bulls

Keywords

PANCHSHEELORGANICS INE316G01019 LandAllotment ExpansionProject