Paradeep Phosphates files IPO papers to raise Rs 1,255 crore

ZMPPL holds 80.45 per cent and the Government of India owns 19.55 per cent stake in the company.

New Delhi: Fertiliser company Paradeep Phosphates has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering. The IPO comprises fresh issue of equity shares worth Rs 1,255 crore and an offer for sale (OFS) of up to 120,035,800 shares by existing shareholders and promoters, according to the draft red herring prospectus (DRHP). Under the offer for sale, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offer up to 75,46,800 shares while the Government of India will offer 112,489,000 equity shares. Currently, ZMPPL holds 80.45 per cent and the Government of India owns 19.55 per cent stake in the company.