Devson Catalyst Ltd. Share Price

Devson Catalyst has informed about appointment of Mr. Girdharbhai Natvarbhai Keraliya as an internal auditor of the company for f.y. 2026-27 and appointment of M/s. ALAP & CO. LLP as secretarial auditor of the company for f.y. 2025-26.

The above information is a part of company’s filings submitted to BSE.

Devson Catalyst 

• Devson Catalyst is coming out with an initial public offering (IPO) of 35,88,000 shares in a price band of Rs 112-118 per equity share.
• The issue will open on July 09, 2026 and will close on July 13, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.20 times of its face value on the lower side and 11.80 times on the higher side.
• Book running lead manager to the issue is JJ IPO Advisors.
• Compliance officer for the issue is Zalak Ankitkumar Shah.

Profile of the company

Devson Catalyst is an ISO 9001:2015 and ISO 45001:2018 certified company and an indigenous manufacturer of catalysts, adsorbents and ceramic balls used as key materials in various industrial processes. It operates a manufacturing facility in Gujarat with an annual production capacity of around 6,205.00 metric tons. Its products are used to improve process efficiency and facilitate removal of impurities from gases and liquids across various industrial applications. 

It primarily manufactures: i) Catalysts, which enable chemical reactions to occur faster and more efficiently without being consumed during the process. ii) Adsorbents, which are used for removal of impurities such as moisture, dust and other undesirable components from gases and liquids. iii) Ceramic balls, which act as support media in industrial reactors and towers, helping in catalyst bed support, uniform distribution of gas or liquid flow and protection of catalysts from pressure or flow variations. 

Its products are supplied to customers operating in industries such as oil and gas refineries, petrochemicals, steel, fertilizers and other industrial processing sectors. These products play an important role in enhancing process efficiency, improving operational reliability and supporting sustainable industrial practices. It caters to customers in both domestic and international markets. Its manufacturing operations are carried out at its facility located at Phase II, Ambawadi, GIDC, Wadhwan City, Surendranagar, Gujarat. The facility has the machinery and infrastructure required for manufacturing activities, and it follows standard operating procedures and internal quality checks to maintain consistency of output.

Proceed is being used for:

• Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit.
• Funding the working capital requirements of the company.
• General corporate purposes.

Industry overview

The Indian industrial catalyst industry plays a foundational role in the country’s economic and manufacturing ecosystem, supporting some of the most strategically important value chains, including Oil & Gas, Petrochemicals, Steel, Fertilizers, and others. Catalysts are substances that accelerate chemical reactions, enhance product yield and quality, reduce energy consumption, and enable environmentally cleaner industrial operations without being consumed in the process. In modern industrial production, catalysts are not optional inputs; they are mission-critical performance materials that determine efficiency, sustainability, and economic viability. 

India’s rise as a major hub for refining, chemicals, and pharmaceuticals has fundamentally strengthened its catalyst consumption profile. Growing domestic energy needs, shifts toward cleaner fuels, large-scale petrochemical integration, and continuous expansion of fertilizer capacity have all contributed to sustained demand. Over the last decade, increasing emphasis on environmental compliance, fuel quality upgradation, BS-VI emission norms, and green energy transition policies has further accelerated the adoption of advanced adsorbents, guard bed catalysts, and reactor media including activated alumina, molecular sieves, inert ceramic balls, and catalyst carriers. 

The outlook for India’s industrial catalyst industry is strongly positive, underpinned by rapid expansion across its key end use sectors and the nation’s broader industrial transformation. The chemical industry, valued at $220 billion in 2024 and projected to reach $380-400 billion by 2030, will continue to be one of the largest demand centers for catalysts, driven by investments in petrochemicals, specialty chemicals, and performance materials. Parallel growth in the pharmaceutical sector, expected to reach $130 billion by 2030, will sustain demand for high-performance catalysts used in complex synthesis reactions, process intensification, and yield optimization. Similarly, the automotive industry’s ambition to achieve $145 billion in auto component production and reach 7.5 million vehicle units by 2030 will expand the market for advanced emission-control and fuel-efficiency catalysts, especially with tightening regulatory norms.

Pros and strengths

Indigenous manufacturer of Catalysts, Adsorbents and Ceramic Balls in India: It is an indigenous integrated manufacturer of catalysts, adsorbents and ceramic balls based in Gujarat, India. It manufactures a comprehensive range of products used across the value chain, including catalysts, adsorbents and ceramic balls, catering to various industrial applications. Its products are used by customers operating in industries such as oil and gas refining, petrochemicals, steel and fertilizers. It currently has an installed manufacturing capacity of around 6,205.00 MT per annum. It uses modern plant and machinery like Rotary Dryer, Band Dryer Cum Calciner, Flash Calciner for efficient manufacturing of its products. It provides a tailor-made products as per requirements of the customers.

Well-positioned in an industry with several entry barriers: The catalyst and adsorbents industry is highly regulated, and suppliers must meet stringent regulatory and technical prequalification criteria before being considered. This involves comprehensive technical evaluations, commercial scrutiny, and financial assessments of the vendor. Even after initial prequalification, approvals are often order-to-order, requiring audits, compliance checks, and repeated documentation. These processes are time-consuming and resource-intensive, making it extremely difficult for new entrants to secure initial contracts. Established suppliers benefit from long-standing approvals and trust, which gives them a strong competitive edge.

Strategically located manufacturing facilities with capabilities to handle multiple products lines: Its manufacturing activities are carried out at its plant located at Phase II, Ambawadi, GIDC, Wadhwan City, Surendranagar, Gujarat, with a total area of 11,619.06 sq. mtrs. Further, it proposes to expand its manufacturing facility at Industrial Plot Nos. 259, GIDC Estate, Wadhwancity, Surendranagar, Gujarat, with a total area of 3,223.00 sq. mtrs. Its facility benefits from its location within an industrial region, providing access to a well-established network of raw material suppliers, logistics service providers, and skilled labours, which supports smooth procurement, production planning, and timely delivery. The facility also has good connectivity through road, rail, and port networks and is located near National Highway 48, enabling efficient transportation to major cities in Gujarat and Maharashtra. This connectivity supports timely fulfilment of both domestic and export orders.

Risks and concerns

Dependent on limited number of suppliers for key raw materials: Alumina-based materials, zeolite and molecular sieve materials, metal oxides (and related precursors), and other chemicals are the principal raw material used in its manufacturing operations. Its ability to remain competitive and maintain cost efficiency is therefore closely linked to its ability to procure such key raw materials in adequate quantities, at acceptable quality standards, and on commercially viable terms. A significant portion of its raw material procurement is sourced from a limited supplier base. In Fiscal 2026, 2025, and Fiscal 2024, the cost of raw materials procured from its top 10 suppliers represented 75.82%, 86.74%, and 82.85% of its total raw material cost, respectively. Accordingly, any adverse development affecting these suppliers could disrupt its procurement and production planning.

Significant portion of its revenue derived from key customers: A substantial portion of its revenue from operations is derived from top ten customers, including large customers in the oil & gas, refining, petrochemical, steel and fertilizer value chains that procure catalysts, adsorbents and ceramic balls for critical process units. The absence of long-term contracts with its customers exposes it to a significant risk of customer attrition and challenges in relation to production planning. It drives a significant portion of its revenue from a limited number of customers. For the Fiscals 2026, 2025 and 2024, revenue from its top ten clients constituted 76.03%, 67.57% and 63.87%, of its revenue from operations, respectively. It is dependent on a limited number of key customers, and the loss of one or more of these customers could adversely affect its business, results of operations, cash flows and financial condition.

Business depends on successfully winning competitive tenders: It participates in competitive tender processes, which require compliance with prescribed technical, financial, and eligibility criteria. While factors such as its track record, technical expertise, execution capabilities, financial strength, and reputation are considered by awarding authorities, there can be no assurance that it will consistently satisfy such criteria or continue to be awarded contracts in the future. In most cases, tender awards are determined based on price competitiveness among pre-qualified bidders. It faces competition from various Indian and international participants, several of whom may possess greater financial resources, longer operating histories, or enhanced technical capabilities. A sustained inability to secure an adequate number of new contracts may adversely affect its revenues, cash flows, and profitability. Tendering processes, particularly those initiated by government or government-controlled entities, may also be subject to delays, changes in eligibility conditions, or cancellations. In certain situations, even where it is the sole bidder, tenders may be cancelled or re-tendered, which may disrupt its anticipated order pipeline.

Outlook

Devson Catalyst is primarily engaged in the business manufacturing of catalysts, Adsorbents, ceramic balls and related products. The company has presence in both domestic and international market. Its financial stability and positive cash flow from operations enable it to meet the present and future requirements of its customers. This also helps strengthen trust and engagement with its customers in relation to its capabilities and capacities, thereby increasing customer retention. On the concern side, its export business, is dependent on overseas distributors, and any disruption in its engagement with such distributors could adversely affect its revenues and results of operations. Further, its dependence on imported raw materials for certain requirements may expose it to supply disruptions, cost escalation and regulatory changes, which could adversely affect its operations and financial performance.

The company is coming out with a maiden IPO of 35,88,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 112-118 per equity share. The aggregate size of the offer is around Rs 40.19 crore to Rs 42.34 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 5,577.59 lakh as against Rs 5,319.21 lakh for FY24-25, an increase of 4.86%. Profit after tax for the FY25-26 was at Rs 1,252.09 lakh against profit after tax of Rs 767.23 lakh in FY24-25, an increase of 63.20%.

Meanwhile, it intends to continue to expand its customer base by leveraging its relationship with its existing customers in India and overseas, while simultaneously pursuing opportunities to develop new relationships by expanding the array of its existing products that it supplies to its customers and gain new customer contracts by developing products aligned with their needs. It aims to continue to maintain its track-record of repeat orders from its existing customers as well as expand and strengthen its relationships as part of its organic growth efforts. Going forward, its diverse portfolio of products from Ceramic Balls, Catalyst and Adsorbent strategically positioned it in the catalyst and adsorbent industry in the domestic and international markets. Its diversified product portfolio comprising of whole value chain of catalysts and adsorbent industry provides it a significant opportunity to explore new product segment. It has developed several products over the years, for catalysts. It developed Chloride Guard Catalyst, Sulphur Guard, Claus Catalyst, Hydrotreating Catalysts and Reforming Catalysts, for adsorbent. It developed Activated Alumina and Molecular Sieves and for Ceramic balls it developed Ceramic & Alumina Balls and Ceramic Tower Packing.

Prasol Chemicals 

• Prasol Chemicals is coming out with a 100% book building; initial public offering (IPO) of 77,76,039 shares of face value Rs 2 each in a price band Rs 643-676 per equity share.  
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 08, 2026 and will close on September 10, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 321.50 times of its face value on the lower side and 338.00 times on the higher side. 
• Book running lead manager to the issue is DAM Capital Advisors.
• Compliance officer for the issue is Kiran Rajendra Agrawal.

Profile of the company 

The company was incorporated in 1992 and with over 33 years of experience in the specialty chemicals industry, it is a forward integrated manufacturer of acetone and phosphorous based specialty chemicals and other specialty chemicals involving complex and differentiated chemistries. It is a highly diversified specialty chemical player with over 150 specialty chemical products and over 1,600 customers and exports to 69 countries, as of July 15, 2026. Its products find diversified applications across numerous industries with 5 key segments being: (a) performance chemicals (including lubricant additives and mining chemicals); (b) PICA viz., paints, inks construction, & adhesives; (c) pharmaceuticals; (d) agrochemicals; and (e) home and personal care (Application Industries). 

The company is a 3 Star Export House company as certified by the Government of India certified with a robust global distribution network spread across 63 countries in Asia-Pacific (APAC), North America, South America and Europe as on June 30, 2026. It operates 2 manufacturing facilities located in Khopoli, Maharashtra, (Khopoli Manufacturing Facility) started in 1995 spanning a total area of 120,604.00 square metres and Mahad, Maharashtra (Mahad Manufacturing Facility started in 2020 spanning a total areas of 119,423.00 square meters and along with its Khopoli Manufacturing Facility - the Manufacturing Facilities) with an aggregate installed capacity of 98,644 metric tonnes per annum. Each of its Manufacturing Facilities has obtained ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications. Additionally, it has a facility located in Dheku, Khopoli, Maharashtra which is similarly certified and is currently used for repacking, storage and dispatch, which can be re-purposed for carrying out manufacturing activities.

Proceed is being used for: 

• Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company.
• General corporate purposes.

Industry overview 

The specialty chemicals segment stands out as one of the fastest-growing areas in Indian manufacturing, driven by rising demand from various end-user sectors, supportive government policies, an expanding domestic customer base, and shifts in consumer lifestyles. The Indian specialty chemicals market has demonstrated robust growth, expanding from Rs 2,240 billion in FY19 to Rs 5,563 billion in FY26, and is projected to reach Rs 7,541 billion by FY29, registering a CAGR of 10-12% over the next four years. This sustained upward trajectory is driven by a strong domestic demand base, rising exports, and increasing import substitution across various segments like agrochemicals, active pharmaceutical ingredients (APIs), dyes, and polymer additives. The sector benefits from India's cost-competitive manufacturing capabilities, a large skilled workforce, and tightening environmental regulations in China prompting global supply chain diversification. Additionally, the ‘China+1’ strategy adopted by multinational corporations has further positioned India as a preferred destination for sourcing specialty chemicals, particularly in high-margin, value-added segments. With rising investments in R&D, backward integration, and capacity expansion by Indian players, the sector is poised to play a pivotal role in transforming India into a global specialty chemicals hub.

India's chemical industry holds a prominent position globally, ranking 6th in production and 14th in exports. Specialty chemicals, particularly agrochemicals, dyes, and pigments, represent more than half of India's chemical exports. In recent years, imports in the sector have grown consistently, with petrochemical intermediates making up over 30% of total imports. The Indian chemicals industry is expected to maintain a relatively stable segmentation mix between 2024 and 2029, though with some marginal shifts. Basic chemicals, which form the foundation of the industry and include bulk products like petrochemicals, inorganic chemicals, and intermediates, will continue to dominate the market, albeit with a slight decline from 56% in CY25 to 54% in CY29. This indicates a gradual diversification of the industry away from commoditized segments. Specialty chemicals, known for their higher value addition and enduse specificity, are projected to grow modestly from 20% in CY24 to 22% in CY25, reflecting increasing demand from industries like automotive, construction, and personal care. Meanwhile, agricultural chemicals, which include fertilizers and crop protection products, are expected to remain stable at 11%, indicating a mature and steady market. Consumer chemicals, comprising products like detergents, cleaning agents, and personal care formulations, are also projected to hold steady at 13% in 2029(P), supported by consistent urban and rural demand. Overall, the industry is moving toward a slightly more value-added profile, with specialty chemicals gaining a larger share.

Pros and strengths

Highly diversified product portfolio used across various Application Industries: The company is a forward integrated manufacturers of acetone and phosphorous based specialty chemicals and other specialty chemicals involving complex and differentiated chemistry and its products find diversified application in a large number of Application Industries. It is a highly diversified specialty chemical player with over 150 specialty chemical products and over 1,600 customers and exports to 69 countries, as of July 15, 2026. The diverse applications of its products across multiple application industries and end uses insulates it from changes in business cycles or disruptions in any one industry. 

Well established R&D capabilities: The company’s specialty chemicals are key raw materials across various Application Industries, and it has continuously diversified its product portfolio to address the changing needs of the customers and applications. The company has a dedicated R&D facility at its Khopoli Manufacturing facility which houses advanced equipment including a fluidized bed reactor (a type of reactor device that can be used to carry out a variety of multiphase chemical reactions), distillation column and centrifuge. Further, both the Manufacturing Facilities house pilot plants where it undertakes synthesis of specialty chemicals in small batches to test, develop and augment the efficacy of its products. Its R&D laboratory is equipped to undertake various chemicals reactions/processes such as aldol condensation, addition (inorganic), hydrogenation, dehydration, acid synthesis (thio compounds), ammonolysis, chlorination, esterification, oxidation (organic), catalytic cracking (gas phase tubular reactor), substitution etc. Its focus on R&D has been one of the key aspects of its growth, and R&D will continue to play a key role in enabling it to successfully garner new customers or higher value contracts with existing customers at an optimal cost.

Long standing relationships with diversified customer base and strong global presence: During Fiscals 2026, 2025 and 2024, the company catered to 1,618, 1,586, and 1,560 customers, respectively. Its diversified customer base assists in reducing its dependence on a single geography or concentrated group of markets, which helps in mitigating the effect of region specific economic and industry cycles. Its long-term association with key customers also offers significant competitive advantages such as revenue visibility, industry goodwill, quality assurance and up-sell and cross-sell its diverse range of products. Besides, the company has appointed sales channel personnel in Shanghai and London, so as to enable it to market its products as well as understand the customer needs in these regions. It has also appointed consignment stockist in Houston, United States of America and Rotterdam, Netherlands to hold its products on consignment basis which will assist it in further penetrating in these markets by servicing smaller customers with just in time deliveries. 

Experienced, qualified and professional leadership team: The company is led by a well-qualified and experienced Board of Directors and key managerial personnel, who have extensive domain knowledge and understanding of the industry and the business environment in which it operates. It has also a succession plan in place with experienced Directors mentoring younger Directors, members of Key Managerial Personnel and members of Senior Management to ensure smooth leadership transition in the future.

Risks and concerns

Business reliant on certain key customers: The company’s top 10 customers contributed 23.68%, 21.96% and 18.46% of its total revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The company’s business, results from operations, and financial condition are dependent on maintaining relationship with its customers, and failure or inability to retain all or any of its top 10 customers, for any reason (including, due to failure to negotiate acceptable terms, adverse change in the financial condition of such customers for various factors such as possible bankruptcy or liquidation or other financial hardship, merger or decline in sales from such customers, reduced or delayed customer requirements, facility shutdowns, labour strikes, geopolitical reasons and, or, other work stoppages affecting production by such customers) could have a short term material adverse impact on its business, results of operations, financial condition and cash flows.

Operations depend on continuous R&D: The company’s operations are dependent on continuous R&D to develop and commercialise new products. For a company engaged in the manufacture of speciality chemicals, which includes complex chemistries, R&D is a necessary component of business and corporate success and growth. The company’s R&D expenditure declined from Rs 21.58 million constituting 0.24% of its total income in Fiscal 2024 to Rs 19.81 million constituting 0.20% of its total income in Fiscal 2025. In Fiscal 2026, though, its R&D expenditure increased to Rs 33.39 million constituting 0.27% of its total income. The company’s inability to identify and understand evolving industry trends, technological advancements, customer preferences and develop new products to meet its customers’ demands may adversely affect its business. Although the company strives to keep its technology, facilities and machinery current with the latest international standards, the technologies, facilities and machinery it currently employs may become obsolete and it may not have the resources to adequately invest in R&D. The cost of implementing new technologies and upgrading its manufacturing facilities as well as R&D could be significant and could adversely affect its business. 

Volatility in raw material prices: The success of the company’s operations depends on a variety of factors, including its ability to source raw materials at competitive prices.  The major raw materials required by the company for the manufacturing of its products is acetone and yellow phosphorous. The average price of acetone (i) increased by 9.65% from Rs 74.61 per kg in Fiscal 2024 to Rs 81.81 per kg in Fiscal 2025, and (ii) decreased by 26.89% to Rs 59.81 per kg for Fiscal 2026 from Rs 81.81 per kg in Fiscal 2025. Further, the prices of yellow phosphorus (i) decreased by 2.58% from Rs 333.83 per kg in Fiscal 2024 to Rs 325.21 per kg in Fiscal 2025, and (ii) increased by 8.79% to Rs 353.81 per kg for the Fiscal 2026 from Rs 325.21 per kg in Fiscal 2025. Raw material supply and pricing can be volatile due to a number of factors beyond the company’s control, including demand and supply, general economic and political conditions, transportation and labour costs, natural disasters, pandemic, competition and there are inherent uncertainties in estimating such variables, regardless of the methodologies and assumptions that it may use. It typically seeks quotations from multiple suppliers. It also typically does not enter into long-term agreements with its suppliers. It may be required to track the supply demand dynamics and regularly negotiate prices with its suppliers in case of significant fluctuations in raw material prices or foreign currency fluctuations.

Faces foreign exchange risks: A significant portion of the company’s total income and expenditure is denominated in currencies other than Indian Rupees. Although, it closely follows its exposure to foreign currencies by formulating a risk management policy and entering into forward contracts to hedge its exposure in an attempt to reduce the risks of currency fluctuations, its results of operations, cash flows and financial performance could be adversely affected in case these currencies fluctuate significantly. For the Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company incurred a profit / (loss) of Rs (37.55) million, Rs (33.29) million and Rs 63.36 million, respectively, on account of fluctuations in the foreign exchange rate. It may from time to time be required to make provisions for foreign exchange differences in accordance with accounting standards. While it has forex management systems in place and from time-to-time avail forward cover to minimise the foreign exchange related risks, it may experience foreign exchange losses and gains in respect of transactions denominated in foreign currencies.

Outlook

Prasol Chemicals is one of India’s leading specialty chemical manufacturers. The company is known for providing innovative solutions to a diverse range of sectors which include Agrochemicals, Pharmaceuticals, Home & Personal Care, Paints & Coatings/Inks/Construction/Adhesives and Performance Chemicals ranging from Lubricant Additives, Mining Chemicals to Oilfield & Refineries, Construction Chemicals. With strategically located manufacturing plants, research centers, and distribution hubs, it ensures that its customers benefit from localized support, reliable supply chains, and region-specific expertise. The company remains focused on R&D and invests on product development. It has a qualified and experienced R&D team with members comprising of scientists and chemical engineers. On the concern side, the company’s business operations require it to obtain and renew, from time to time, certain approvals, licenses, registrations and permits under central, state and local government rules in India, generally for carrying out its business and for its manufacturing facilities. Besides, its business requires significant amount of working capital primarily as a considerable amount of time passes between purchase raw materials and sale of its finished products and the subsequent collection process from its customers. As a result, it is required to maintain sufficient stock at all times in order to meet manufacturing requirements, thus increasing its storage and working capital requirements. 

The issue has been offering 77,76,039 shares in a price band of Rs 643-676 per equity share. The aggregate size of the offer is around Rs 500 crore to Rs 525.66 crore based on lower and upper price band respectively. Minimum application is to be made for 22 shares and in multiples thereof thereafter. On performance front, the company’s total income increased by 21.89% to Rs 12,378.45 million in Fiscal 2026 from Rs 10,155.40 million in Fiscal 2025. The company’s profit for the year increased by 90.79% to Rs 831.24 million in Fiscal 2026 from Rs 435.69 million in Fiscal 2025.

Meanwhile, to cater for the anticipated increase in demand of the company’s products in various Application Industries, it proposes to debottleneck and expand its manufacturing capacities by increasing the capacity of its existing facilities at Khopoli and Mahad in Maharashtra. The company is also developing a separate application testing laboratory for lubricant additives, construction chemicals and mining chemicals. This laboratory will have specialized equipment which will allow it to test the performance of its products in its customer’s end product and highlight the benefits to its customers using multiple data points. In addition, it intends to continue to leverage its direct marketing and distributor network, diversified product portfolio and its industry standing to establish relationships with new export and local customers and expand its customer base. 

Pursuant to Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’), Titan Biotech has informed that it enclosed copies of newspaper advertisements published regarding the Notice of the Thirty-Fourth Annual General Meeting (‘AGM’) of the Company. The AGM is scheduled to be held on Tuesday, September 29, 2026 at 03:00 PM (IST) through Video Conferencing / Other Audio-Visual Means (VC/OAVM). The advertisements also contain information related to e-voting and other relevant details pertaining to the AGM. The said advertisements were published in the newspapers, Financial Express (English) and Naya India (Hindi) on September 6, 2026. The above intimation along with the newspaper advertisements is also available on the Company's website at www.titanbiotechltd.com.

The above information is a part of company’s filings submitted to BSE.