Hindusthaan Eco Ventures has filed draft red herring prospectus with market regulator Securities Exchange Board of India (SEBI) for initial public offering (IPO). The company looks forward to dilute its 45% stake with issue of around 90 lakh equity shares having face value of Rs 10 each.
Comfort Securities is the book running lead manager and Cameo Corporate Services is the registrar to the issue.
The company intends to utilize issue proceeds towards expansion of contract farming & development of animal husbandry, setting up cold storage plant, investment in our wholly owned subsidiary, namely Basarass Bio Con (India) Basarass for funding capital expenditure and to meet the working capital requirements of the company.
Hindusthaan Eco Ventures, incorporated in 1990, is engaged in agricultural operations and contract farming also has forayed into the cultivation of organic fruits and vegetables in the year 2010. Post acquiring Basarass Bio Con (India) in 2010, the company has also entered into the segment of Bio-fertilizer and Bio-pesticides. Summing up, Hindusthaan Eco Ventures’ present operations include -- Agriculture operations, Bio-Agri Inputs viz. Bio-fertilizers & Bio-pesticides and Agri-clinic which provides agri based consultancy and technical inputs.
The company has posted net profit of Rs 376.41 for the quarter ended March 31, 2011 which is whopping 174% increase on sequential basis from Rs 137.36.
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