Nova Agritech gets Sebi's nod to float IPO
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Nova Agritech has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The company’s initial share sale comprises a fresh issue of equity shares worth up to Rs 140 crore and an offer-for-sale (OFS) component of up to 77,58,620 equity shares of shareholder Nutalapati Venkatasubbarao.
The proceeds from the fresh issue worth Rs 14.20 crore will be utilised for investment in its subsidiary Nova Agri Sciences for setting up a new formulation plant, Rs 10.49 crore for funding capital expenditure by Nova Agritech and towards the expansion of its existing formulation plant. Further, it will also use Rs 26.69 crore for funding of working capital requirement of Nova Agritech, Rs 56.74 crore for investment in Nova Agri Sciences, for funding working capital requirements and general corporate purposes. The shares of the company are proposed to be listed on NSE and BSE.
Nova Agritech manufactures, distributes, and markets a wide range of product categories consisting of soil health management products, crop nutrition products, biostimulant products, biopesticide products, Integrated Pest Management (IPM) products, and crop protection products through an active network of over 6200 dealerships spread across 16 states across the country.
