Narmada Agrobase tapping markets through IPO to raise Rs.7.49Cr

Ahmedabad (Gujarat) [India], Apr. 6 (BusinessWire India): Narmada Agrobase Ltd. (NAL) is an ISO 9001:2015 certified company engaged in manufacturing and processing of cotton seed, meal cake, cattle feeds and soya bean meal. The products manufactured by it are used for the feeding of cattle which provides high amount of proteins and other nutrients required by them. Also, the byproducts are used in textile industry, consumer goods and paper industry.

NAL is the manufacturer and exporter of delinted cotton seed, cotton linter, cotton seed meal, cattle feed, guar meal and organic fertiliser under own brand name of 'Churma' and 'Gay chhaap Narmada Pashu Aahar'. The company has a flagship brand which commands a high reputation worldwide for quality products, efficient services and level of reliability as a stable supplier of quality products in cattle feed industries.

The products offered by it are processed using quality ingredients sourced from the selected vendors of the market. Before packaging and distributing, the raw material is inspected by a quality assurance team after properly graded and processed.

Neerajkumar Sureshchandra Agarwal (CA) and Suresh Chandra Gupta are the promoters of the company. They hold 29,65,250 equity shares which, in aggregate, constitutes 57.17 percent of the issued and paid-up equity share capital of the company.

The promoter and promoter group will continue to hold the majority of the post-issue paid up equity share capital of the company.

To part finance its working capital and general corporate fund needs, NAL is coming out with a maiden IPO of 23,40,000 equity shares of Rs.10 each at a fixed price of Rs.32 per share to mobilise Rs.7.49 crore.

The issue opens for subscription on March 28 and will close on April 11. Minimum application is to be made for 4000 shares and in multiples thereon, thereafter. Issue constitutes 31.09 percent of the post issue paid-up capital of the company. Post allotment, shares will be listed on NSE-Emerge. (BusinessWire India)

This story has not been edited. It has been published as provided by ANI