Kaveri Seed`s Rs 680 mn IPO to open on Sep. 6
Kaveri Seed`s Rs 680 mn IPO to open on Sep. 6 Secunderabad-based agriculture products maker - Kaveri Seed plans to tap the capital market via initial public offer (IPO) route, to raise fund up to Rs 680 million. Kaveri Seed will float 4 million shares of face value 10 each, at price band of Rs 150 to Rs 170, a share. The issue opens on September 6 and closes on September 11.
The net issue will constitute 27.74% of the post issue paid-up capital of the company. The book running lead managers to the issue are Anand Rathi Securities and Sobhagya Capital Options. Shares of the company will be listed on both BSE and NSE.
Kaveri Seed is engaged in the business of production, processing and marketing of high quality hybrid seeds for different crops like corn, sunflower, cotton, paddy, grain sorghum, etc. Recently, the company forayed into micronutrients and bio-products. In addition, the company produces non-hybrid seeds, primarily for paddy. The production, processing and R&D facilities are located in Andhra Pradesh and Karnataka.
Kaveri Seed IPO receives 33% subscription on day one
Secunderabad-based Kaveri Seed (KSCL), maker of agriculture inputs, received 33% subscription for its initial public offer (IPO) on first day of issue. The IPO received 1,315,240 bids as against the issue size of 4,000,000 shares. A total of 9,360 bids were received at cut off price.
KSCL intends to deploy the issue proceeds in expansion plans worth Rs 632.97 million. It includes setting up of marketing offices and godowns, corn cob drying plants, biotechnology lab, and seed processing plant.
In addition, KSCL plans to acquire farmland for R&D facilities, upgradation of existing seed processing plants and meeting the working capital requirements. The benefits of these plans are expected to contribute to the financials of KSCL from November 2008 onwards.
Incorporated in 1986, Kaveri Seed is engaged in the business of production, processing and marketing of high quality hybrid seeds for different crops like corn, sunflower, cotton, paddy, grain sorghum, etc. Recently, the company forayed into micronutrients and bio-products. In addition, the company produces non-hybrid seeds. The production, processing and R&D facilities are located in Andhra Pradesh and Karnataka.
Hi,
I have applied for ReliancePowerIPO, the KARVY is not sending back to my money.