Tussle over the control of Haldia Petrochemicals Limited (HPL) notwithstanding, Purnendu Chatterjee, a IIT, Kgp alumni, is planning to take another company from his fold public. TCG Lifesciences Limited (say TLL for short) has just submitted the draft red-herring prospectus with the SEBI (Securities & Exchange Board of India) for an initial public offering (IPO).
Slated to be the first IPO for any TCG (The Chatterjee Group) company, TLL will offer 9.5 million shares through 100% book-building process that will constitute 13.65% of the fully diluted post-issue paid-up capital of the company.
TLL plans to set up facilities in the city and in Pune covering approximately 160,00 sft space for research laboratories in Chemistry and Biology. For its Kolkata facility it has already bought on lease a 2-acre plot in Salt Lake’s electronics complex. The facilities will become operational by March 2009.
Hope this time Purnendu Chatterjee’s dream gels well with the chemistry of the state to which he belongs.