Vinati Organics receives $5 million from IFC

Vinati Organics has received $5 million from International Finance Corporation (IFC), Washington for issue of 50 Foreign Currency Convertible Bonds (FCCBs) having face value of $100,000 each aggregating to $5,000,000. FCCBs conversion price is Rs 100 per equity share.

The company is a specialty chemical company producing organic intermediates, monomers and polymers. Vinati is the world’s largest manufacturer of Isobutylbenzene (IBB), the basic raw material in manufacture of Ibuprofen, with a capacity of 14,000 TPA. It is also the world’s second largest manufacturer of 2-Acrylamido-2-Methyl Propane Sulfonic Acid (ATBS), with a capacity of 12,000 TPA.