MUMBAI : Agrochemical company India Pesticides Ltd has filed a draft red herring prospectus (DRHP) to raise ₹800 crore through an initial public offering (IPO). The public offer comprises of a fundraise via fresh issuance of shares amounting to ₹100 crore and ₹700 crore through an offer-for-sale by promoter and technocrat Anand Swarup Agarwal aggregating to ₹281 crore and other selling shareholders the balance of ₹419 crore. The company may decide to undertake a pre-IPO placement of ₹75 crore subject to consultation of merchant bankers. The price band and minimum bid lot will be decided by the company and the promoter selling shareholders in consultation with book running lead managers. India Pesticides Ltd started operations in 1984 and has a growing formulations business in herbicides, insecticides and fungicide segments.

Source: Mint February 10, 2021 10:56 UTC