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<p>India Pesticides Ltd on Tuesday raised <span class="webrupee">₹</span>240 crore from 12 anchor investors ahead of its initial public offer that opens for subscription on June 23.</p></article>

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<p>India Pesticides Ltd on Tuesday raised <span class="webrupee">₹</span>240 crore from 12 anchor investors ahead of its initial public offer that opens for subscription on June 23.</p>
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<p>Six foreign portfolio investors including Abu Dhabi Investment Authority (ADIA), Wells Fargo, Plutus, Millenium, Tara and BNP Paribas were allocated a total of 2.45 million equity shares for approximately <span class="webrupee">₹</span>72.50 crore.</p>
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<p>Amongst the domestic investors, SBI Mutual Fund and Nippon Mutual Fund picked up the largest allocations of 27.08% and 16.67% respectively for approximately <span class="webrupee">₹</span>105 crore, across their various schemes.</p>
<p>Other domestic institutions that were allocated shares were – Tata Mutual Fund, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company and Winro Commercial India, were allocated a total of 2.11 million shares for approximately <span class="webrupee">₹</span>62.50 crore.</p>
<p>Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening.</p>
<p>The total offer size of <span class="webrupee">₹</span>800 crore comprises a fresh issue of <span class="webrupee">₹</span>100 crore and an offer for sale of <span class="webrupee">₹</span>700 crore by the selling shareholders. The offer for sale consists of <span class="webrupee">₹</span>281.4 crore worth of shares by promoter Anand Swarup Agarwal, and <span class="webrupee">₹</span>418.6 crore by other selling shareholders.</p>
<p>The company will utilize fresh issue proceeds for its working capital requirements and general corporate purposes.</p>
<p>The Price Band of the Offer has been fixed at <span class="webrupee">₹</span>290 to <span class="webrupee">₹</span>296 per Equity Share. Bids can be made for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter.</p>
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<p>Axis Capital Ltd and JM Financial Ltd are the book running lead managers to the offer.</p>
<p>India Pesticides is one of the leading agrochemicals firms in the country, currently operates 2 manufacturing facilities out of the Lucknow and Hardoi in Uttar Pradesh having an aggregate capacity of 19,500 MT for technicals and 6,500 MT for the formulations vertical and has registrations and licenses for 22 agro-chemical technicals and 125 formulations for sale in India and 27 agro chemical technicals and 35 formulations for exports purpose and 2 APIs.</p>
<div class="clearfix socialHolder Gplus"><strong>The article was first published on <a href="http://The article was first published on livemint.com">livemint.com</a>.</strong></div>
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Among domestic investors, SBI Mutual Fund and Nippon Mutual Fund picked up the largest allocations of 27.08% and 16.67% respectively.

Ahead of IPO, India Pesticides raises $32m from Wells Fargo, ADIA, other investors

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Ahead of IPO, India Pesticides raises $32m from Wells Fargo, ADIA, other investors

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