Ahmedabad-based agrochemical company GSP Crop Science has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI. The Initial Public Offering (IPO) comprises a mix of a fresh issue of shares worth around Rs 280 crore, and 6 million equity shares offered by promoter selling shareholders, with a face value of Rs 10 apiece.

The offer for sale (OFS) consists of up to 2.65 million equity shares by Vilasben Vrajmohan Shah, up to 1.67 million equity shares by Bhavesh Vrajmohan Shah, and up to 1.67 million equity shares by Kappa Trust.

The offer also includes a reservation for eligible employees, with a discount being offered to those bidding in the employee reservation portion.

The proceeds from the fresh issue, to the extent of Rs 200 crore, will be used for the repayment or prepayment of certain outstanding borrowings and for general corporate purposes, as outlined in the DRHP.