Crop Life Science IPO opens on August 18

Crop Life Science IPO: Crop Life Science Limited, a manufacturer of agricultural chemicals, has announced its plans to go public with an initial public offering (IPO) on August 18, 2023. The company aims to raise Rs 26.73 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.

The fresh issue size is 51,40,000 equity shares of face value of Rs 10 each at a price of Rs 52 each. 

Equity Share Allocation

• Non-Institutional Investors (NII) –24,40,000 equity shares
• Retail Individual Investors (RII) –24,40,000  equity shares
• Market Maker – 2,60,000 equity shares

The net proceeds from the IPO will be utilized to repay unsecured loans worth Rs 70 lakhs as well as to meet long-term working capital requirements of Rs 19 crore and general corporate purposes to the tune of Rs 6.50 crore. The issue closes on August 22nd, 2023.

The Lead Manager to the Issue is Interactive Financial Services Ltd and The Registrar to the Issue is Purva Sharegistry (India) Private Limited. Rajesh Lunagariya, Managing Director, Crop Life Science Limited said,'' Raising funds through the IPO will help us repay back our unsecured loan and to fund our long term working capital requirement. With these funds, we will be able to focus more on innovation and expand our product portfolio as well as international presence. Our aim is to provide high quality formulations of agrochemicals to our domestic and overseas customers. Further, the listing at NSE Emerge will also help us enhance our market visibility and attract more investors.”

Catch the latest minute-by-minute stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.