Date:23/03/2007 URL: http://www.thehindu.com/2007/03/23/stories/2007032302891800.htm

Business

Advanta price band at Rs. 600-650

BANGALORE: Advanta India Ltd, an agronomic seeds company with principal operations in India, Thailand and Argentina, has announced an initial public offering (IPO) of 33.80 lakh equity shares of Rs. 10 each for cash at a premium to be decided through the 100 per cent book-building process. The price band has been fixed at Rs. 600-650 per share. Satish Hegde, CFO, told reporters here on Thursday that the issue would open on March 26 and close on March 30.

Advanta is a wholly owned subsidiary of United Phosphorus Ltd. (UPL), which has been in the seeds business for four decades and exports its products to the U.S., Australia, China, Latin America and Europe.

The company was reorganised following the acquisition of the businesses of Advanta Netherlands Holdings by UPL and the amalgamation of Uniphos Seeds and Bio Genetics Ltd. The company produces and markets hybrid seeds for rice, sorghum, sunflower, corn, soya, canola, cotton, mustard and vegetables.

During the first seven months of 2006-07, the company reported revenues of Rs. 237 crore. It spends around seven per cent of its total earnings in research based on germplasm and molecular marker technologies.