India Pesticides files DRHP to raise Rs800 cr via IPO
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MUMBAI: Agrochemicals company India Pesticides Ltd has filed a draft red herring prospectus with the Securities Exchange and Board of India to raise Rs800 crore through an initial public offering (IPO).
The IPO will comprise of a fresh issue of Rs100 crore and an offer for sale of Rs281.40 crore by promoter Anand Swarup Agarwal, and ₹418.60 crore by other selling shareholders. As of September, Agarwal held 40.07% stake in the company.
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Proceeds from the issue will be used for funding working capital requirements.