Agro chemical manufacturer Dharmaj Crop Guard and steel pipe maker Venus Pipes & Tubes have received regulatory approvals to raise funds through IPO.
The companies that had filed their preliminary IPO papers with SEBI between December 2021 and January 2022 obtained its “observation” letter on March 29-31, an update with the regulator showed on Monday.
According to the Draft Red Herring Prospectus (DRHP), Dharmaj Crop Guard’s IPO consists of fresh issue of equity shares worth up to ₹ 216 crore and an Offer-For-Sale (OFS) of up to 14.83 lakh shares by its existing shareholders.
The raft paper said, proceeds from the IPO will be used for capital expenditure towards setting up of a manufacturing facility at Saykha Bharuch in Gujarat, incremental working capital requirements, payment of debt and general corporate purposes.
Company has been engaged in manufacturing and marketing of a wide range of agro chemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilisers and antibiotics.
It’s draft paper said, proceeds from the IPO will be used for financing capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes.
Venus Pipes & Tubes said that 50.74 lakh equity shares of the company will be sold through IPO.
Venus Pipes & Tubes is one of the growing stainless steel pipes and tubes manufacturers and exporters.
About Dharmaj Crop Guard Ltd
Dharmaj Crop Guard Ltd (DCGL) is the brainchild of highly experienced professionals with an objective of providing innovative products to farmers to maximize their farm output.
The company was founded in 2015 and the success story of the company find it roots with the beginning of production in 2016.
We are 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.
Dharmaj Crop also engage in the marketing and distribution of agrochemical products under brands in-licensed by us, owned by us and through generic brands, to Indian farmers through our distribution network. We provide crop protection solutions to the farmer to assist them to maximize productivity and profitability.
Dharmaj Crop export our products to more than 20 countries in Latin America, East African Countries, Middle East and Far East Asia. We sell our agrochemical products in granules, powder and liquid forms our customers. Additionally, we manufacture and sell general insect and pest control chemicals for Public Health and Animal Health protection.
With an aim to offer a wide product portfolio across the agri-value chain, we continue to expand our product portfolio by introducing new products. We manufacture and sell various formulations of insecticides, fungicide and herbicides, plant growth regulators, micro fertilizers and antibiotics.
As on the date of this Draft Red Herring Prospectus, we have obtained 392 registrations for agrochemical formulations from the CIB&RC, out of which 201 agrochemical formulations are for sale in India as well as for export and 191 agrochemical formulations are exclusively for exports.
Additionally, we have also applied for registrations of 6 agrochemicals formulations from the CIB&RC, which are pending at various stages.
About Venus Pipes & Tubes
Our association with stainless steel products is more than 15 years old now. Employing our vast experience as a successful trading company, we have ventured into manufacturing of stainless steel tubular products. We at Venus, ensure the finest products for our customers with twelve production lines including pilgers, tube-mills with plasma welders, draw benches, annealing furnaces and many more ancillary machinery. Superior quality and production is achieved by implementing benchmark technologies in manufacturing processes and setting up fully-equipped in-house quality control lab conferring to international standards.
Source: Economic Times
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