By: ICN Bureau
Last updated : May 05, 2021 8:34 pm
The proceeds of the fresh issue would be used towards funding the working capital requirements and general corporate purposes.
R&D driven Agrochemical manufacturer of Technicals India Pesticides Ltd has received go-ahead from capital markets regulator Securities and Exchange Board of India (Sebi) to float initial share-sales on April 30.
The company’s Rs 800-crore IPO comprises fresh issuance of shares amounting to Rs 100 crore and an offer of sale of Rs 700 crore by promoter and technocrat Anand Swarup Agarwal and other shareholders, according to draft red herring prospectus. “Our company and the promoter selling shareholder, in consultation with the BRLMs, may consider a pre-IPO placement by our company for an aggregate amount not exceeding Rs 75 crore. The pre-IPO placement, if undertaken, will be at a price to be decided by our pompany and the promoter selling shareholder in consultation with the BRLMs, and the pre-IPO placement will be completed prior to filing of the Red Herring Prospectus with the RoC,” the document reads.
The proceeds of the fresh issue would be used towards funding the working capital requirements and general corporate purposes.
India Pesticides is also the sole Indian manufacturer and among top five manufacturers globally for several Technicals, such as, Folpet and ThiocarbamateHerbicide. Since commencing its operations in 1984, India Pesticides diversified into manufacturing herbicide and fungicide Technicals and APIs. The company also manufacture herbicide, insecticide and fungicide Formulations.
Currently, India Pesticides operates from two manufacturing facilities at Lucknow and Hardoi in Uttar Pradesh with an aggregate capacity of 19,500 MT for technicals and 6,500 MT for the formulations vertical.