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Oct 12, 2012, 06.29 PM IST | Source: Moneycontrol.com

Madhya Bharat Agro Products files IPO papers with SEBI

Single super phosphate (SSP) manufacturer Madhya Bharat Agro Products (MBAPL) has filed draft red herring prospectus with SEBI for public issue of 81 lakh equity shares.

Single super phosphate (SSP) manufacturer Madhya Bharat Agro Products (MBAPL) has filed draft red herring prospectus with SEBI for public issue of 81 lakh equity shares.

SSP is used in large quantities for replenishing phosphorus in the soil which gets depleted steadily with each crop. This is preferred phosphate fertilizer by the farmers. SSP industry enjoys price concession by the government of India which protects this industry for long run sustainability.

At present the company has planned to set up an integrated state of art unit of single super phosphate with an capacity of 120000 TPA (with an outlay of Rs 19.05 crore) and granulated single super phosphate (GSSP) with an capacity of 90000 TPA (with cost of Rs 11.08 crore) and an ancillary plant of sulphuric acid (with Rs 28.76 crore) will be established at Unit II beneficiated rock phosphate plant (BRP).

Net profit of the company rose by 17 percent YoY to Rs 3.58 crore and total income increased 16 percent to Rs 46.35 crore in the year ended March 31, 2012.

Corporate Strategic Allianz Limited is the book running lead manager to the issue.

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