Lucknow, Jun 18 : India Pesticides Limited (IPL) has proposed to open its initial public offering of Equity Shares on June 23 and it will close on June 25.

The price band for the Offer has been determined at Rs 290 – Rs 296 per Equity Share.

The total Offer size is up to Rs. 800 crores with a Fresh Issue of Equity Shares, aggregating up to Rs. 100 crores and an Offer for Sale of Equity Shares aggregating up to Rs. 700 crores, by the Selling Shareholders.

A press statement issued here by IPL on Friday said the Company intends to utilize the proceeds from the Fresh Issue to fund its working capital requirements and for general corporate purposes.

The Company is the sole Indian manufacturer of five Technicals and among the leading manufacturers globally for Captan, Folpet and Thiocarbamate Herbicide, in terms of production capacity. Certain key fungicide Technicals the Company manufactures include: (i) Folpet, used to manufacture fungicides that control fungal growth at vineyards, cereals, crops and biocide in paints; and (ii) Cymoxanil, used to manufacture fungicides that control downy mildews of grapes, potatoes, vegetables and several other crops. Major herbicide Technicals the Company manufactures include, Thiocarbamate herbicides that have application in field crops, such as, wheat and rice, and are used globally.

The Company currently operates out to 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. It currently 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.

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations.

The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations, through the Book Building Process wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

Axis Capital Limited and JM Financial Limited are the BRLMs to the Offer.(UNI)