INDIA PESTICIDES IPO Opened from today. The price band of this IPO is between 290 to 296. The company has raised Rs 240 crore from ANCHOR INVESTOR.
The IPO of INDIA PESTICIDES will open today i.e. on June 23 and will close on June 25. The lot size of this IPO is 50 shares and the issue size is Rs 800 crore. That is, the company plans to raise Rs 800 crore from this issue.
In this IPO, a fresh issue of Rs 100 crore will be issued and shares worth Rs 700 crore will be sold in the offer for sale. In the offer for sale, promoter Anand Swaroop Agarwal will sell shares worth Rs 281.4 crore and shares worth Rs 418.6 crore to other shareholders.
Agrochemicals manufacturing company India Pesticides has raised Rs 240 crore from 16 anchor investors ahead of its IPO. The company, in its regulatory filing to the stock exchange, stated that the company has issued 81,08,107 equity shares to anchor investors. The company allotted shares to FPIs, mutual funds and insurance companies at the rate of Rs 296.
The FPIs that bought shares of India Pesticides include Abu Ghabi Investment Authority (ADIA), Integrated Core Strategies, Tara Emerging Asia and BNP Paribas. While domestic investors include SBI Mutual Fund, Nippon Mutual Fund, Bajaj Allianz Life Insurance and Bharti AXA Life Insurance.
The company will use the funds raised from the fresh issue to meet its working capital and corporate requirements. The company has reserved 50 per cent of the total issue size for qualified institutional buyers. 15% of the issue is reserved for non-institutional and 35% for retail.
India is among the top 5 companies in the world producing pesticides Folpet and Thiocarbamate Herbicide Chemicals. The listed peer companies of India Pesticides are Dhanuka Agrotech Ltd., Bharat Rasayan Ltd., UPL Ltd., Rallis India, PI Industries, Sumitomo Chemical India and Atul India.
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