February 10, 2021
To utilise the net proceeds towards funding the working capital requirements and general corporate purposes Uttar Pradesh-based agrochemical technicals company India Pesticides Ltd has filed a Draft Red Herring Prospectus to raise ₹800 crore through an Initial Public Offering (IPO).
The company intends to raise ₹100 crore through issuance of fresh shares and ₹700 crore through an Offer For Sale (OFS) by promoter Anand Swarup Agarwal (₹281 crore) and another shareholder (₹419 crore). The firm might also raise ₹75 crore through a pre-IPO placement, according to the prospectus filed with the market regulator.
India Pesticides proposes to utilise the net proceeds towards funding the working capital requirements and general corporate purposes.
India Pesticides files DRHP to raise Rs800 cr via IPO
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MUMBAI: Agrochemicals company India Pesticides Ltd has filed a draft red herring prospectus with the Securities Exchange and Board of India to raise Rs800 crore through an initial public offering (IPO).
The IPO will comprise of a fresh issue of Rs100 crore and an offer for sale of Rs281.40 crore by promoter Anand Swarup Agarwal, and ₹418.60 crore by other selling shareholders. As of September, Agarwal held 40.07% stake in the company.
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Proceeds from the issue will be used for funding working capital requirements.