Dharmaj Crop Guard Filed Draft Papers with SEBI

Agrochemicals company Dharmaj Crop Guard has filed its preliminary papers with market regulator Sebi for fund raising via initial public offerings. The public issue consists of a fresh issue of equity shares worth Rs 216 crore and an offer-for-sale (OFS) of 14.83 lakh equity shares by promoters. The offer will also include shares reserved for its employees. Promoters Manjulaben Rameshbhai Talavia, Muktaben Jamankumar Talavia, Domadia Artiben, and Ilaben Jagdishbhai Savaliya will sell shares via OFS. The company is planning to raise around Rs 250-300 crore via public issue as per the market sources. The fresh issue money will be utilised for setting up of a manufacturing facility at Bharuch, Gujarat; working capital requirements, repaying of debts, and general corporate purposes. Elara Capital India, and Monarch Networth Capital are appointed as book running lead managers to the issue, while Link Intime India is the registrar to the issue.

Dharmaj Crop Guard is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers, having over 150 trademark registrations including branded products. It also exports products to more than 20 countries in Latin America, East African Countries, Middle East and Far East Asia. The company clocked significant growth in profit that increased to Rs 20.96 crore in FY21, from Rs 10.76 crore in FY20, and revenue jumped to Rs 302.41 crore from Rs 198.22 crore in the same period. It recorded profit of Rs 18.66 crore on revenue of Rs 227.26 crore for seven months period ended October 31, 2021.