Fertilizer company Paradeep Phosphates files IPO papers with Sebi

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Fertilizer company Paradeep Phosphates has filed draft documents with capital markets regulator Sebi to raise funds through an initial public offering.

The IPO includes a new issue of shares valued at Rs 1,255 crore and an offer to sell (OFS) of up to 120,035,800 shares by existing shareholders and promoters, according to the draft. red herring prospectus (DRHP).

As part of the sale offer, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offer up to 75,469,800 shares while the Indian government will offer 112,489,000 shares.

Currently, ZMPPL owns 80.45 percent and the Indian government owns 19.55 percent of the company’s capital.

Proceeds from the new issue will be used to partially fund the acquisition of the fertilizer manufacturing plant in Goa, debt payment and general corporate objectives.

Paradeep Phosphates is mainly engaged in the manufacture, trade, distribution and sale of a variety of complex fertilizers such as diammonium phosphate (DAP) and NPK fertilizers. Its fertilizers are marketed under some of the key market brands “Jai Kisaan Navratna” and “Navratna”.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the main managers of the issue.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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