Crystal Crop Protection has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise an estimated Rs 1,000 crore through an Initial Public Offering (IPO). The IPO comprises of a fresh issue worth Rs 545 crore along with an offer sale of up to Rs 455 crore with promoter, selling shareholders and investor selling shareholder by Everstone Capital Partners II LLC.
The company, which filed the draft red herring prospectus with the SEBI in April, got the regulator’s approval on July 27. The funds will be utilized towards repayment of certain working capital facilities availed of by the company, funding acquisitions and other strategic initiatives; and other general corporate purposes. ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SMC Capitals are the book running lead managers to the issue.
Crystal Crop Protection has a diversified business, from manufacturing and marketing domestic agrochemicals to manufacturing and distribution of seeds, and the distribution of agri-equipment and export of agrochemical products.
