Public Market

IPO

Buffalo meat exporter HMA Agro files papers to raise Rs.480-Cr

Money Control  

HMA Agro Industries Ltd has sought approval from the Securities Exchange Board of India (Sebi) to raise INR 480 crore via an initial public offering (IPO). The IPO consists of a fresh issue of INR 150 crore and an offer for sale of INR 330 crore by its existing shareholders and promoters. The OFS comprises of upto INR 120 crore by Wajid Ahmed, INR 49 crore each by Gulzar Ahmad, Mohammad Mehmood Qureshi, Mohammad Ashra Qureshi, Zulfiqar Ahmad Qurashi and INR 14 crore by Parvez Alam. The firm is currently among the largest exporters of frozen buffalo meat products from India. Out of the proceeds, INR 135 crore will be used for funding working capital requirements. Aryaman Financial Services Ltd is the sole lead manager to the issue