25 Aug , 2021 By : Kanchan Joshi
Specialty chemical manufacturing company Tatva Chintan Pharma Chem said that Mahesh Tanna, Chief Financial Officer (CFO) of the company has tendered his resignation from the post of Chief Financial Officer and Key Managerial Personnel on 24" August, 2021.
"The company has accepted his resignation and he will be relieved from the Company with effect from 31 August, 2021 after closure of working hours," Tatva Chintan informed in an exchange filing. Shares of Tatva Chintan were trading over 2% lower to Rs2,086 per share on the BSE in Wednesday's opening deals.
The company is in the process of appointing his successor as Chief Financial Officer and Key Managerial Personnel (RMP) and the same will be informed upon such appointment, it added.
The specialty chemical manufacturing company Tatva Chintan shares made a bumper debut last month by surging nearly 100% at listing as against the issue price of Rs1,083. The Rs500-crore initial public offer of Tatva Chintan Pharma Chem received a strong investor response, with the issue getting subscribed by a whopping 180.36 times.
Proceeds from the fresh issue was said to be used towards funding capital expenditure requirements for expansion of the company's Dahej manufacturing facility; up-gradation of a research and development facility in Vadodara, and general corporate purposes.
Incorporated in 1996, the Vadodra-based company is engaged in the manufacture of a diverse portfolio of structure directing agents (SDAs), phase transfer catalysts (PTCs), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals (PASC). Tatva Chintan operates through two manufacturing facilities situated at Ankleshwar and Dahej in Gujarat. The company exports most of its products to over 25 countries, including the US, China, Germany, Japan, South Africa, and the UK.
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