Paradeep Phosphates IPO to open on May 17
By: ICN Bureau
Last updated : May 13, 2022 8:47 am
The bid lot for the offer has been finalized to be 350 Equity Shares and in multiples of 350 Equity Shares thereafter
Paradeep Phosphates Limited (PPL), a subsidiary of Zuari Agro Chemicals Limited's joint venture Zuari Maroc Phosphates Pvt Ltd has filed the Red Herring Prospectus of PPL dated May 6, 2022 with the Registrar of Companies, Odisha at Cuttack, on May 7, 2022.
The Bid/ Offer opening will be on May 17, 2022 and closing will be on May 19, 2022. Further, the anchor investors shall bid one working day prior to the Bid/Offer opening Date, i.e., on May 13, 2022.
PPL and the Selling Shareholders (in consultation with the Book Running Lead Managers) have finalized the price band to range from Rs. 39 to Rs. 42. Additionally, the bid lot for the offer has been finalized to be 350 Equity Shares and in multiples of 350 Equity Shares thereafter.
Through the Initial Public Offering (IPO), the government will be offloadng its entire 19.55 per cent stake in the company.
As part of the OFS, selling shareholders -- Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and Government of India will sell up to 11,24,89,000 equity shares.
At present, ZMPPL owns 80.45 per cent shareholding in Paradeep Phosphates while the government has 19.55 per cent stake.
The firm intends to utilise the proceeds from the fresh issue towards part-financing the acquisition of a Goa facility and repayment and pre-payment of certain of its borrowings.