India Pesticides Rs 800 crore IPO opens on June 23

New Delhi [India], June 19 (ANI): Agro-chemical manufacturer India Pesticides Ltd is planning to raise Rs 800 crore through an initial public offering of equity shares which will open on June 23 and close on June 25.
The price band for offer has been determined at Rs 290 to 296 per equity share. The company and promoter selling shareholder have considered participation by anchor investors a day prior to the bid offer.
The total offer size is up to Rs 800 crore with a fresh issue of equity shares worth Rs 100 crore and an offer for sale up to Rs 700 crore.
Axis Capital and JM Financial are book running lead managers to the offer.
The company said it proposes to utilise net proceeds towards funding working capital requirements and general corporate purposes.
India Pesticides Ltd started operations in 1984 and has a growing formulations business in herbicides, insecticides and fungicide segments.
It is the only Indian manufacturer and among the top five companies globally for several technical products like folpet and cynomoxanil which are used to make fungicides that control fungal growth across a variety of crops.
The major herbicide technical it manufactures includes thiocarbamate which is having an application in field crops like wheat and rice.
India Pesticides has two manufacturing facilities at Lucknow and Hardoi in Uttar Pradesh having an aggregate capacity of 19,500 tonnes for technicals and 6,500 tonnes for the formulations vertical.
It has registrations and licenses for 22 agro-chemical technicals and 125 formulations for sale in India, and 27 agro-chemical technicals and 35 formulations for exports purpose. (ANI)