Nova Agritech: Key points about Rs 144 crore IPO

The IPO date of subscription is scheduled for Monday, January 22

Nova Agritech Ltd - 1

Nova Agritech Limited, an agricultural inputs manufacturer, has announced that it has set a price band of Rs 39-41 per share for its Rs 144-crore Initial Public Offering (IPO).

When will initial share-sale open?

Nova Agritech revealed that the initial share-sale will open for public subscription on January 22 and close on January 24.

What does the IPO comprise?

The IPO comprises fresh issue of equity shares worth up to Rs 112 crore and an offer-for-sale (OFS) component of 77.58 lakh equity shares by a shareholder Nutalapati Venkatasubbarao, who owns 11.9 per cent stake in the company.

What will the IPO proceeds be used for?

Proceeds from the IPO worth Rs 14.2 crore will be invested in the company's subsidiary Nova Agri Sciences to establish a formulation plant while Rs 10.49 crore will be used towards Nova Agritech's funding capital expenditure and towards expansion of its existing formulation plant.

Rs 26.65 crore will be used to fund working capital requirements of Nova Agritech and another Rs 43.36 crore for Nova Agri Sciences. A portion will be used for general corporate purposes

-- with inputs from PTI

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