Sharda Cropchem shares jump 67% on listing
Mumbai:
Shares of Sharda Cropchem Ltd opened 66.67% higher on its listing on Tuesday.
The stock opened at Rs.260 in its debut trade, Rs.104 higher than its initial
public offer (IPO) price on BSE. It was trading at Rs.251, up 61%, at 10.04am
after touching a high of Rs.274, according to Bloomberg.
The issue will help non-institutional investor HEP Mauritius Ltd to offload its
entire stake of 15.87% in the company and the promoters to reduce their stake
from 84.13% currently to 75%. The Securities and Exchange Board of India (Sebi)
regulations require all listed companies to pare promoter holding to 75%.
Ahead of the IPO, the company had
raised around Rs.50 crore from 18 anchor investors, which included DSP
BlackRock, Kuwait Investment Authority, Reliance Capital, Morgan Stanley, SBI
Magnum, ICICI Prudential, Ashmore Sicav, UTI Focussed Equity Fund and L&T
Mutual Fund.
In FY2014, the company reported a
net profit of Rs.106.9 crore, up 26.8% year-on-year on higher other income and
lower depreciation. Revenue rose 0.54% to Rs.781.9 crore during the same
period.
Sharda Cropchem is a crop protection
chemical company engaged in the marketing and distribution of a wide range of
formulations and generic active ingredients globally. It is also involved in
order-based procurement and supply of belts, general chemicals, dyes and dye
intermediates. It owns over 1,040 registrations for formulations and over 155
registrations of for generic active ingredients across Europe, Latin America
and rest of the world.
Rahul kumar Gupta
PGDM,2nd Year
Source:-Mint
The stock opened at Rs.260 in its debut trade, Rs.104 higher than its initial public offer (IPO) price on BSE. It was trading at Rs.251, up 61%, at 10.04am after touching a high of Rs.274, according to Bloomberg.
The issue will help non-institutional investor HEP Mauritius Ltd to offload its
entire stake of 15.87% in the company and the promoters to reduce their stake
from 84.13% currently to 75%. The Securities and Exchange Board of India (Sebi)
regulations require all listed companies to pare promoter holding to 75%.
Mumbai: Shares of Sharda Cropchem Ltd opened 66.67% higher on its listing on Tuesday.
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Mumbai: Shares of Sharda Cropchem Ltd opened 66.67% higher on its listing on Tuesday.
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Mumbai: Shares of Sharda Cropchem Ltd opened 66.67% higher on its listing on Tuesday.
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Mumbai: Shares of Sharda Cropchem Ltd opened 66.67% higher on its listing on Tuesday.
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Mumbai: Shares of Sharda Cropchem Ltd opened 66.67% higher on its listing on Tuesday.
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
Read more at: http://www.livemint.com/Money/HqsW8n6l7oNmf2lFNTwyCP/Sharda-Cropchem-shares-jump-67-on-listing.html?utm_source=copy
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