Paradeep Phosphates Gets Sebi Nod For IPO

0
29


Zuari Maroc Phosphates will offer up to 75.46 lakh shares and centre, up to 11.25 crore shares

Paradeep Phosphates has received approval from Sebi to launch an initial public offering (IPO). The fertilizer company’s IPO will comprise a fresh issue of shares worth Rs 1,255 crore and an offer for sale (OFS) of up to 12 crore shares by existing shareholders and promoters, according to the draft red herring prospectus filed with the market regulator. In the OFS, Zuari Maroc Phosphates will offer up to 75.46 lakh shares and the central government will offer up to 11.25 crore shares.

The company will utilise the IPO proceeds to partly finance the acquisition of the fertiliser manufacturing facility in Goa, pay existing debt and for general corporate purposes.

Paradeep Phosphates manufactures, distributes and sells complex fertilizers such as di-ammonium phosphate (DAP) and NPK fertilizers. The fertilizers are marketed under brands such as Jai Kisaan Navratna and Navratna.

Zuari Maroc Phosphates holds a stake of 80.45 per cent and Government of India owns 19.55 per cent in Paradeep Phosphates.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the lead managers to the issue.



Source link