Heranba Industries, the Gujarat-based crop protection chemical manufacturer, has decided to open its initial public offering for subscription on February 23. The price band will get finalised on February 16.
The public issue, which consists of a fresh issue of Rs 60 crore and an offer for sale of 90.15 lakh equity shares by promoters, will close on February 25.
The offer for sale consists of 58,50,000 equity shares by Sadashiv K Shetty, 22,72,038 shares by Raghuram K Shetty, 8,12,962 shares by Sams Industries, 40,000 shares by Babu K Shetty and 40,000 shares by Vittala K Bhandary.
Promoters - Sadashiv K Shetty, Raghuram K Shetty, Babu K Shetty and Vittala K Bhandary, and promoter group held 98.85 percent stake in the company as of February 10 this year.
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Heranba Industries is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat. It manufactures intermediates, technicals and formulations. It is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permitherin, lambda cyhalothrin etc. Its pesticides range includes insecticides, herbicides, fungicides and public health products for pest control.
The company will utilise fresh issue proceeds for working capital requirements; and expenditures towards general corporate purposes.
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Emkay Global Financial Services and Batlivala & Karani Securities India are the book running lead managers to the issue.
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