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INDIA BUSINESS WORLD SEPTEMBER (16th - 30th) 2007
The Month that was ...


MAURITIUS BASED INDIASTAR FUND BUYS 18.5% OF PUNJAB BASED IOL CHEMICAL FOR RS 40 CR

THE $2-billion Mauritiusbased private equity investor Indiastar Fund has picked up a 18.5% stake for around Rs 40 crore in Punjab-based IOL Chemicals and Pharmaceuticals (formerly known as Industrial Organics) which manufactures industrial chemicals and drugs. The board of IOL Chemicals and Pharmaceuticals approved issuing up to 13.3 lakh equity shares of face value Rs 10 each at a premium of Rs 65 and 14 lakh unsecured fully convertible debentures (FCDs) of Rs 100 each aggregating Rs 14 crore.

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