HMA Agro files papers for IPO of Rs 480 crore
HMA Agro Industries which is a Frozen meat exporter company has field initial papers with markets regulator sebi for an fresh share sale of Rs 480 crore. The IPO will comprise fresh issue of equity shares aggregating up to Rs 150 crore and an 0ffer For Sale (OFS) of equity shares worth up to 330 crore by its promoter.
According to the DRHP, OFS Comprise offloading of up to Rs 120 crore worth shares by Wajid Ahmad, Mohd Mehmood Qureshi, Mohd Ashraf Qureshi and Zulfiqar Ahmad Quraishi. Besides, shares worth Rs 14 crore will be sold by Parvez Alam. The company will raise funds through IPO use the net proceeds worth Rs 135 crore for raising working capital requirements as well as for general corporate uses.
The Agra-based firm is among the largest exporters of frozen buffalo meat products from India. Its products are exported to over 40 countries all over the globe. More than 90 per cent of its sales comes from of exports.
Source: the economics times
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