Crop Life Science Limited, a leading manufacturer of agricultural chemicals, has announced its plans to go public with an Initial Public Offering (IPO) on August 18th, 2023. The company is aiming to raise ₹ 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
- Issue Opens on: Friday, August 18, 2023
- Issue Closes on: Tuesday, August 22, 2023
- Face Value: ₹ 10 per equity share
- Price Band: ₹ 52
- Issue Size – ₹ 26.73 crore (51,40,000 equity shares)
- Market Lot Size – 2000 Equity Shares
The net proceeds from the IPO will be utilized to repay unsecured loans worth ₹70 lakhs as well as to meet long-term working capital requirements of ₹19 crore and general corporate purpose to the tune of ₹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.
Mr. 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.”
Incorporated in 2006, the Crop Life Science Limited (CLSL), is the leading manufacturer of a wide range of products, insecticides, fungicides, herbicides, Micro fertilizers, plant growth regulators and soil plant health products. With the backward and forward integration, the Company has enhanced its product portfolio to 85 agro-chemical products. Its manufacturing unit is located at GIDC Ankleshwar, Gujarat, spanning 5,831.10 Square Meters. The Company also does job work for manufacturing pesticides and micro fertilizers.
CLSL’s products are registered with the Central Insecticides Board and approved by the Directorate of Agriculture, Government of Gujarat, and the Gujarat Pollution Control Board. The company exports its products to Indonesia, Bangladesh, Egypt, Myanmar, Vietnam, Sudan and other countries. For 11 months of FY23, the Company has reported revenues of ₹123.23 crore and net profit of ₹4.37 crore.
