Alkali Metals revises price and closing date of IPO

Alkali Metals has revised the closing date and price of its initial public offer (IPO). The public issue was opened in the price band of Rs 90-105 and was schedule to close on October 10,2008. The company has now been revised the price to Rs 86-103 and the issue will close on October 15, 2008.

The issue received merely 0.33% subscription of 8, 63,070 bids against total issue size of 25,50,000 till 5 pm October 10, 2008 its scheduled closing.

The company will use the proceeds for setting up of an Active Pharmaceutical Ingredients (API) plant at Jawaharlal Nehru Pharma City at Parawada, located 25 kms from Visakhapatnam, with an installed capacity of 672 MTPA.