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Paradeep Phosphates gets SEBI’s approval to raise funds via IPO
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Paradeep Phosphates has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 1,255 crore and an offer for sale (OFS) of up to 12,00,35,800 shares by its existing shareholders and promoters.
The company, which filed the draft red herring prospectus with the SEBI in August, got the regulator’s approval on September 22, 2021. Proceeds of fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa, for payment of debt and general corporate purposes. Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the lead managers to the issue.
Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilizers such as di-ammonium phosphate (DAP) and NPK fertilizers.
