Paradeep Phosphates gets approval from Sebi to circulation IPO


Under the OFS, Zuari Maroc Phosphates (ZMPPL) will offer up to 75,46,800 shares and up to 11,24,89,000 equity shares will be equipped by Authorities of India.

PTI

September 27, 2021 / 07: 52 PM IST

Leading fertilizer company Paradeep Phosphates has bought Sebi's scurry-ahead to mop up funds through an initial public offering (IPO).

The IPO comprises recent field of equity shares price Rs 1,255 crore and a advice on the market (OFS) of up to 12,00,35,800 shares by its existing shareholders and promoters, in holding with the draft red herring prospectus (DRHP).

Under the OFS, Zuari Maroc Phosphates (ZMPPL) will offer up to 75,46,800 shares and up to 11,24,89,000 equity shares will be equipped by Authorities of India.

Paradeep Phosphates, which filed preliminary IPO papers with the regulator in August, got its observations on September 22, an exchange with the Securities and Alternate Board of India (Sebi) showed on Monday. In Sebi parlance, issuance of observations implies its scurry-ahead to circulation IPO.

For the time being, ZMPPL holds 80.45 p.c and Authorities of India obtain 19.55 p.c stake in the company. Proceeds of recent field will be old to partly finance the acquisition of the fertiliser manufacturing facility in Goa, for cost of debt and total company functions.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and gross sales of a vogue of complex fertilizers similar to di-ammonium phosphate (DAP) and NPK fertilizers. Its fertilizers are marketed beneath brands love 'Jai Kisaan Navratna' and 'Navratna'.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the lead managers to the topic.

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