Company per share Rs. 30 at a price of Rs. Will issue 34 lakh equity shares with face value of 10, plans to list on BSE SME Exchange
Mumbai, Ambo Agritech Limited, one of the fastest growing companies in the food processing and FMCG sector, is opening its public issue for subscription on November 21. The company has received approval to launch its public issue on the BSE SME exchange platform.
The company will raise Rs. 10.20 crore is planned to be collected. Finshore Management Services Limited is the lead manager of the issue. The public issue will close on November 24.
In this IPO per share Rs. 30 at the price of Rs. 34 lakh new equity shares of face value of 10 will be issued at a value of Rs. 10.20 crores. Minimum lot size for application is 4,000 shares per application Rs. 1.20 lakhs. The retail allocation for the IPO is 16.16 lakh equity shares. After the issue, the promoter group’s holding in the company will come down to 63.80 percent from 99.99 percent before the issue.
The proceeds raised through the public issue will be used for the company’s expansion plans. Rs. 8.96 crore was used for working capital requirements of the company while Rs. 75 lakhs will be used for general corporate purposes.
In this regard Mr. Umesh Kumar Agarwal, Promoter and Managing Director of Ambo Agritech Limited said that the company established in 1994 has achieved unprecedented progress since its inception and has gained great acceptance in the market. Going forward, Ambo will focus on new expansion and diversification to drive its business forward in Indian and overseas markets.
In addition to business expansion, we have consistently achieved higher efficiencies and gained competitive advantage to remain cost competitive. We hope that after the proposed public issue we will execute our growth plans in such a way as to create maximum value for all stakeholders and continue to deliver quality products.
