Paradeep Phosphates files draft papers for IPO

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Paradeep Phosphates has filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through its upcoming initial public offering (IPO).

The IPO offer consists of a fresh issue of Rs 1,255 crore and an offer for sale (OFS) of up to 120.04 million equity shares.

The OFS consists of up to 7.55 million shares by Zuari Maroc Phosphates and up to 112.49 million shares the Government of India.

The government of India holds 19.55% of shares in the company, while 80.45 % shares are held by Zuari Maroc Phosphates Pvt Ltd, a joint venture between the Adventz group company, Zuari Agro Chemicals Ltd. and Maroc Phosphore S.A., a wholly owned subsidiary of OCP, Morocco.

PPL’s primary focus is the production and marketing of complex phosphatic fertilizers.

The proceeds from the IPO will be partly used for the acquisition of the fertiliser manufacturing facility of Zuari Agro Chemicals in Goa.