The Narendra Modi government has raised Rs 471.5 crore from the sale of a 19.55 percent stake in Paradeep Phosphates through IPO, Department of Financial Services (DIPAM) secretary Sanjay Malhotra said on Monday.
"Government of India received Rs 471.5 crore as disinvestment proceeds from Paradeep Phosphates IPO through sale of GoI's residual stake," the Department of Investment and Public Asset Management (DIPAM) secretary tweeted.
Paradeep Phosphates' initial public offering (IPO) was open for subscription between May 17 and May 19. The company had raised around Rs 450 crore from anchor investors.
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The IPO comprised a fresh issuance of equity shares worth Rs 1,004 crore and an offer-for-sale (OFS) component of 11.85 crore equity shares by promoters and other selling shareholders.
As part of the OFS, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and the government will sell up to 11,24,89,000 equity shares.
Incorporated in 1981, Paradeep Phosphates Ltd is primarily engaged in manufacturing, trading, distribution, and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.
First Published: May 30, 2022 7:21 PM IST
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