SEBI likely to clear Paradeep Phosphates IPO this week – Check Zee Business exclusive report
The Securities and Exchanges Board of India (SEBI) is set to clear the Initial Public Offering (IPO) of Paradeep Phosphates this week, Zee Business Correspondent Tarun Sharma says in an exclusive report.
The Securities and Exchanges Board of India (SEBI) is set to clear the Initial Public Offering (IPO) of Paradeep Phosphates this week, Zee Business Correspondent Tarun Sharma says in an exclusive report.
According to Sharma, the market regulator is likely to come with an observation this week allowing the fertiliser company to launch its initial share sale, along with an offer for sale (OFS).
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In August, Paradeep Phosphates had filed draft papers with SEBI to raise funds from the primary markets.
The IPO comprises will likely comprise of fresh issue of equity shares worth Rs 1,255 crore and an OFS of up to 120,035,800 shares by existing shareholders and promoters, according to the Draft Red Herring Prospectus (DRHP).
#ZbizExclusive | SEBI ने पारादीप फॉस्फेट के IPO को दी मंजूरी, #ZuariAgroChemicals की 80.45% हिस्सेदारी।
सरकार की 19.55% हिस्सेदारी है, सरकार हिस्सा बेचकर निकलेगी। @talktotarun @AnilSinghvi_ pic.twitter.com/pV3YgL4927
— Zee Business (@ZeeBusiness) September 27, 2021
Zuari Maroc Phosphates, a subsidiary of Zuari Agro Chemical holds over 80 per cent of the stake in the company and will be offering up to 75,46,800 shares, while the Government of India, which holds 19.55 per cent stake in the company, will sell all its shares during OFS i.e. 112,489,000 shares.
Proceeds of this fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa, payment of debt and general corporate purposes, the company’s draft paper reads.
Zuari Agro Chemical shares hit an upper circuit of 5 per cent to Rs 126 per share on the back of Zee Business exclusive report and has been buzzing whole session today.
In this regard, the market analyst and Choice Broking Executive Director Sumeet Bagadia says, stock would touch Rs 140-145 levels, if it witnessed Rs 125 per share closing today with support of Rs 117-118 per share downside.
Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilizers such as di-ammonium phosphate (DAP) and NPK fertilizers. Its fertilizers are marketed under some of the key brand names in the market 'Jai Kisaan - Navratna' and 'Navratna.
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