Agricultural inputs manufacturer Nova Agritech Limited on Friday said it has raised ₹ 43.14 crore from anchor investors ahead of its initial public offering (IPO).
The company allocated more than 1.05 crore equity shares at ₹ 41 per share to anchor investors, Nova Agritech informed the stock exchanges.
“Foreign and Domestic Institutions who participated in the anchor were Quantum-State Investment Fund, Neomile Growth Fund, AG Dynamic Funds Limited and Saint Capital Fund,” said Nova Agritech in a statement.
The offer of face value of ₹2 per equity share consists of a fresh issue of equity shares aggregating to ₹ 112 crore and an offer-for-sale (OFS) of up to 77.58 lakh equity shares by the selling shareholder Nutalapati Venkatasubbarao.
Nutalapati owns an 11.9 per cent stake in the company.
The price band for the IPO has been fixed at ₹ 39 to ₹ 41 per equity share.
The company expects to fetch ₹ 143.81 crore through the IPO at the upper end of the price band.
The equity shares of Nova Agritech Limited are proposed to be listed on the BSE and the NSE.
Proceeds from the fresh issue worth ₹14.20 crore will be utilised for investment in its subsidiary Nova Agri Sciences for setting up a new formulation plant, ₹10.49 crore for funding capital expenditure by Nova Agritech and towards expansion of its existing formulation plant.
The company will also use ₹26.65 crore for funding the working capital requirements of Nova Agritech and ₹43.36 crore for investment in Nova Agri Sciences for working capital requirements.
Keynote Financial Services Limited and Bajaj Capital Limited are the book-running lead managers for the offer.
The company offers soil health management, crop nutrition and crop protection products focused on a tech-based farmer-driven solution approach.
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Published: 19 Jan 2024, 09:11 PM IST