A lot is of 23 shares. That is, you have to invest at least Rs 14421.
The IPO of Heranba Industries has opened on 23 February i.e. from today. The issue will close on 25 February. The company has priced the issue at Rs 626-627. A lot is of 23 shares. That is, you have to invest at least Rs 14421.
- Last Updated:February 23, 2021 1:29 PM IS
The company has priced the issue at Rs 626-627. A lot is of 23 shares. That is, you have to invest at least Rs 14421. The company has issued a fresh issue of Rs 60 crore for the IPO. At the same time, promoters will sell 90.15 lakh shares in Offer for Sale (OFS). The company will use the money received from this issue to meet its working capital requirements. In this issue, Sadashiv’s Shetty will sell 58,50,000 shares and Raghuram’s Shetty 22,72,038 shares. Sams Industries will sell 8,12,962 shares, Babu K Shetty 40,000 shares and Vittala K Bhandary 40,000 shares.
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What company does work
Heramba is a Gujarat based company that manufactures insecticides, fungicides and herbicides used for crop protection. The company has exported more than 60 countries in Latin America, CES, Middle East, Africa, Asia and Southeast Asia in FY 2020. Heranba has a large distribution network in India with over 9,400 dealers in 16 states and 1 union territory across the country. The company also has 21 storage centers across the country.
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Who is the company promoters
Sadashiv’s Shetty, Raghuram’s Shetty, Babu’s Shetty and Vitthal’s Bhandari are among the company’s promoters. As of February 10, his total stake in the company was 98.85 percent. Raghuram K. Shetty is the promoter and managing director of the company. He has more than three decades of experience in the agrochemical industry. Sujata K Shetty, Vanita R Shetty and Raunak R Shetty are Whole Time Directors on the board. Kaushik H Gandhi, Mulki V Shetty, Anil Kumar M Marlecha, Ganesh N Vnamali and Nimesh S Singh are independent directors of the board.
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Eighth IPO of this financial year
Heramba is the eighth IPO of this year. This year, the IPO of Indian Railway Finance Corporation came first. This is followed by Indigo Paints, Home First Finance Company, Stove Craft, Brookfield India REIT, Nureka and RailTel Corporation of India. MK Global Financial Services and Batliwala and Karni Securities India are the book running lead managers to the issue.