India Pesticides’ Rs 800-crore IPO to open on June 23; worth band set at Rs 290-296/share

Agrochemical firm India Pesticides on Friday mentioned it has mounted a worth band of Rs 290-296 a share for its Rs 800-crore preliminary share sale.
The three-day preliminary public supply (IPO) will open on June 23 and conclude on June 25. The bidding for anchor traders will open on June 22, in accordance with the corporate.
The Rs 800-crore IPO contains contemporary issuance of fairness shares amounting to Rs 100 crore and a proposal of sale for fairness shares aggregating as much as Rs 281.4 crore by promoter Anand Swarup Agarwal and as much as Rs 418.6 crore by different promoting shareholders.
The Uttar Pradesh-based firm could determine to undertake a pre-IPO placement of Rs 75 crore topic to session of the service provider bankers.

Proceeds of the contemporary subject can be used in the direction of funding the working capital necessities and normal company functions.
India Pesticides is an R&D targeted agrochemical technical firm, which has rising formulations enterprise in herbicides, pesticides and fungicide segments. It additionally manufactures lively pharmaceutical substances (APIs).
It is the one Indian producer and amongst the highest 5 corporations globally for a number of technical merchandise reminiscent of folpet and cynomoxanil, used to make fungicides that management fungal development throughout a wide range of crops.

India Pesticides presently operates from two manufacturing services at Lucknow and Hardoi in Uttar Pradesh with an combination capability of 19,500 MT for technicals and 6,500 MT for the formulations vertical.
Axis Capital and JM Financial are the guide working lead managers to the issuer.