Parijat Industries (India) has secured Securities and Exchange Board of India’s (SEBI's) approval to raise funds through initial public offering (IPO). The IPO comprises a fresh issue of shares worth Rs 160 crore and an offer for sale (OFS) of 2.04 crore shares by promoters and other existing shareholders.
Proceeds from the fresh issuance worth Rs 121.6 crore will be utilised for the payment of debt and the rest for general corporate purposes. SBI Capital Markets and Ambit are the book-running lead managers of the public issue.
Parijat Industries is engaged in the development, manufacture and distribution of agrochemicals. It has presence across 65 countries in Asia, West Africa, Europe and North America, and its customers include Mankind Agritech, Rallis India, IFFCO MC Crop Science, Coromandel International, Bayer Cropscience and Dhanuka Agritech.
