Fertilizer company Paradip Phosphates said on Friday that it had collected a little over Rs 450 crore from anchor investors just days before the initial public offering roll-out.
According to a circular uploaded on the BSE website, the company has decided to allot a total of 10,72,66,532 equity shares to the anchor investors at Rs 42, bringing the transaction size to Rs 450.52 crore.
Investors include Goldman Sachs, BNP Paribas Arbitrage, Kuber India Fund, Capitol Mauritius Investment and Society General Anchor.
Also, seven domestic mutual funds – ICICI Prudential Mutual Fund (MF), Nippon India MF, SBI MF, Tata MF, HDFC MF, DSP MF and Mirai MF – also participated in the anchor round.
The IPO (Initial Public Offer) includes the issuance of 1,004 crore equity shares and an offer-for-sale (OFS) component of 11.85 crore equity shares by promoters and other selling shareholders.
As part of OFS, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and the Government of India will sell 11,24,89,000 equity shares.
The government will offload its entire 19.55 per cent stake in the company.
Currently, ZMPPL owns 80.45 per cent and the Government of India owns the remaining 19.55 per cent of the company.
The issue with a price band of Rs 39-42 per share will open on May 17 and end on May 19.
Proceeds from the new issue will be used in part for acquisition of fertilizer production facilities in Goa and repayment of loans and financing for general corporate purposes.
Paradip phosphates are primarily involved in the production, trade, distribution and sale of various complex fertilizers such as D-ammonium phosphate (DAP) and NPK fertilizers.
Its fertilizers are marketed in the market under some brand names – ‘Joy Kisan Navaratna’ and ‘Navaratna’.
Chief Managers of Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets Issues.