Agro-chemical firm Crystal Crop Protection files Rs 10-bn IPO papers

Agro-chemical firm Crystal Crop Protection today filed draft papers with markets regulator Sebi to raise Rs 10 billion through an initial public offering (IPO).

The IPO comprises fresh issue of shares worth up to Rs 5.45 billion and an offer for sale of up to Rs 4.55 billion, from promoter and existing shareholders including Everstone Capital, according to the draft prospects filed with Sebi.

Proceeds from the issue will be utilised towards repayment of certain working capital facilities availed by the company, funding acquisitions and other strategic initiatives; and other general corporate purposes.

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SMC Capitals will manage the company's IPO.

The company has a diversified business, from manufacturing and marketing domestic agrochemicals to manufacturing and distribution of seeds, and the distribution of agri-equipment and exports of agrochemical products.