HomeBusinessParadeep Phosphates Gets Sebi Nod For initial public offering (IPO)

Paradeep Phosphates Gets Sebi Nod For initial public offering (IPO)

Paradeep Phosphates Gets Sebi Nod For IPO

Zuari Maroc Phosphates will provide as much as 75.46 lakh shares and centre, as much as 11.25 crore shares

Paradeep Phosphates has acquired approval from Sebi to launch an initial public offering (IPO). The fertilizer firm’s IPO will comprise a recent challenge of shares value Rs 1,255 crore and a suggestion on the market (OFS) of as much as 12 crore shares by present shareholders and promoters, in response to the draft crimson herring prospectus filed with the market regulator. In the OFS, Zuari Maroc Phosphates will provide as much as 75.46 lakh shares and the central authorities will provide as much as 11.25 crore shares.

The firm will utilise the IPO proceeds to partially finance the acquisition of the fertiliser manufacturing facility in Goa, pay present debt and for basic company functions.

Paradeep Phosphates manufactures, distributes and sells complicated fertilizers akin to di-ammonium phosphate (DAP) and NPK fertilizers. The fertilizers are marketed below manufacturers akin to 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 difficulty.

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