Crystal Crop Protection files Rs 1,000-cr IPO papers 02/05/2018

Crystal Crop Protection files Rs 1,000-cr IPO papers
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Agro-chemical firm Crystal Crop Protection today filed draft papers with the markets regulator SEBI to raise Rs 1,000 crore through an initial public offering (IPO). The IPO comprises fresh issue of shares worth up to Rs 545 crore and an offer for sale of up to Rs 455 crore, from the promoter and existing shareholders, including Everstone Capital, according to the draft prospectus filed with SEBI, reported PTI. Proceeds from the issue will be utilised towards repayment of certain working capital facilities availed of by the company, funding acquisitions and other strategic initiatives; and other general corporate purposes. ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SMC Capitals will manage the company’s IPO. The company has a diversified business, from manufacturing and marketing domestic agrochemicals to manufacturing and distribution of seeds, and the distribution of agri-equipment and export of agrochemical products.

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