PNN
New Delhi [India], August 17: Crop Life Science Limited, a leading manufacturer of agricultural chemicals, has announced its plans to go public with an Initial Public Offering (IPO) on August 18th, 2023. The company is aiming to raise Rs 26.73 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.
The fresh issue size is 51,40,000 equity shares of face value of Rs. 10/- each at a price of Rs. 52/- each
Equity Share Allocation
* Non-Institutional Investors (NII) –24,40,000 Equity Shares
* Retail Individual Investors (RII) –24,40,000 Equity Shares
* Market Maker – 2,60,000 Equity Shares
The net proceeds from the IPO will be utilized to repay unsecured loans worth Rs 70 lakhs as well as to meet long-term working capital requirements of Rs 19 crore and general corporate purpose to the tune of Rs 6.50 crore. The issue closes on August 22nd, 2023.
The Lead Manager to the Issue is Interactive Financial Services Ltd and The Registrar to the Issue is Purva Sharegistry (India) Private Limited.
Rajesh Lunagariya, Managing Director, Crop Life Science Limited said,'' Raising funds through the IPO will help us repay back our unsecured loan and to fund our long term working capital requirement. With these funds, we will be able to focus more on innovation and expand our product portfolio as well as international presence. Our aim is to provide high quality formulations of agrochemicals to our domestic and overseas customers.
Further, the Listing at NSE Emerge will also help us enhance our market visibility and attract more investors.”
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