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India Pesticides raises Rs.240-Cr from 16 anchor investors

MoneyControl  

Agrochemical company India Pesticides has raised INR 240 crore from 16 anchor investors ahead of IPO opening. The company has finalised the allocation of 81,08,107 equity shares to anchor investors including FPIs, mutual funds, and insurance companies, at a price of INR 296 each. Foreign portfolio investors which participated in the anchor book were Abu Dhabi Investment Authority (ADIA), Integrated Core Strategies, Tara Emerging Asia and BNP Paribas. Among the domestic investors, SBI Mutual Fund, Nippon Mutual Fund, Bajaj Allianz Life Insurance, and Bharti Axa Life Insurance also picked up stakes in the company. The INR 800-crore public issue comprises a fresh issue of INR 100 crore, and an offer for sale of INR 700 crore by the selling shareholders. The company will utilise net proceeds for working capital requirements and for general corporate purposes. Axis Capital and JM Financial are the book running lead managers to the offer.