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Narmada Agrobase Tapping Markets Through IPO to Raise Rs. 7.49 Crore

by businesswireindia.com

Business Wire India

  • Issue opens on 28th March, 2018 and will close on 11th April, 2018, getting listed on NSE EMERGE
  • 23.40 lakhs shares are issued at a fixed price of Rs. 32 per share and minimum lot size is at 4000 shares
Narmada Agrobase Ltd. (NAL) is an ISO 9001:2015 certified company and engaged in manufacturing & processing of cotton seed, meal cake, cattle feeds and soya bean meal. The products manufactured by it are used for the feeding of cattle which provides high amount of proteins and other nutrients required by them. Also, the byproducts are used in Textile Industry, Consumer Goods and Paper Industry.

NAL is the manufacturer and exporter of delinted cotton seed, cotton linter, cotton seed meal, cattle feed, guar meal and organic fertilizer under own brand name of 'Churma' and 'Gay chhaap Narmada Pashu Aahar'. The company has a flagship brand which commands a high reputation worldwide for quality products, efficient services and level of reliability as a stable supplier of quality products in cattle feed industries. The products offered by it are processed using quality ingredients sourced from the selected vendors of the market. Before packaging and distributing, the raw material is inspected by Quality Assurance team after properly graded and processed.

Mr. Neerajkumar Sureshchandra Agarwal (CA) and Mr Suresh Chandra Gupta are the promoters of the Company. They hold 29,65,250 Equity Shares which in aggregate, constitutes 57.17% of the issued and paid-up Equity Share Capital of the Company. The Promoter and Promoter Group will continue to hold the majority of the post-issue paid up Equity Share Capital of the Company.

To part finance its working capital and general corporate fund needs, NAL is coming out with a maiden IPO of 23,40,000 equity shares of Rs. 10 each at a fixed price of Rs.32 per share to mobilize Rs.7.49 crore. The issue opens for subscription on 28/03/2018 and will close on 11/04/2018. Minimum application is to be made for 4000 shares and in multiples thereon, thereafter. Issue constitutes 31.09% of the post issue paid-up capital of the company. Post allotment, shares will be listed on NSE-Emerge. Source: Businesswire