Tag: SEBI

Bank of India plans to raise Rs 3,000 cr equity capital via QIP, BFSI News, ET BFSI

Banking & Finance

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New Delhi: Bank of India is planning to raise Rs 3,000 crore equity capital through a qualified institutional placement (QIP) offer to fuel business growth and meet regulatory compliance, sources said. “The bank is in the process of raising Rs 3,000 crore through QIP and seven book running lead managers have been appointed for the proposed issue,” sources privy to the development said.

A non-deal roadshow to woo investors concluded on Monday.

The management of the bank participated in one-on-one and group meetings for the roadshow during August 10-23, 2021, the bank said in a filing.

Total 26 investors participated in the roadshow including Yes Bank, IDFC Bank, HDFC Treasury, ICICI Prudential Life, Edelweiss, SBI Life, Mirae, Kotak Life, Federal Bank, Marshal Wace, Polunin among others, the bank said.

The purpose of the issue is not only to fuel regular business growth, but also to deploy capital for improving technical platform of the bank, co-lending digital operations, tie-ups with fintech companies, and syncronisation of tech platform with overseas and domestic operations, as per the sources.

The bank will also utilise the proceeds of the QIP for developing app based retail loan applications and offer electronic bill discounting facility, they added.

“Also, Government of India, our promoter is currently holding 90.34 per cent stake in the bank as of June 30, 2021. With the proposed QIP of Rs 3,000 crore, the promoter’s stake will come down to a substantial level and as a result, the compliance with Sebi guidelines of maintaining minimum public shareholding will be ensured,” a source said.

The bank’s asset quality has shown consistent improvement with gross non-performing assets (NPAs) falling to 13.5 per cent as of June 30, 2021 from 13.8 per cent at end-March 2021. The gross NPAs were at 14.8 per cent by end of March 2020 and 15.8 per cent by March 2019.

Besides, the bank has returned to profitability as against back-to-back losses in FY19 and FY20.

Bank of India earned a net profit of Rs 720 crore in June quarter 2021-22. In FY21, there was an overall profit of Rs 2,160 crore. The lender had suffered a net loss of Rs 2,960 crore in FY20 and of Rs 5,550 crore in FY19.

“Around 88 per cent of the gross advances are comprised of A rated and above as well as GGA (government guaranteed advances) segment advances. Most of the bank’s gross advances presently comprise secured and good rated assets.

“The bank’s focus going forward would be towards RAM (retail, agri, MSME) and GGA segments, particularly with the emphasis on the good rated and sovereign guaranteed advances, so that the bank can maintain asset quality in future,” said a source.

Further, the bank has identified total restructuring book of not more than Rs 11,500 crore. Out of this, the bank has restructured Rs 7,300 crore till June 2021 and the rest of the restructuring will be made before the threshold date of September 30, 2021.

“So, together with the restructuring and SMA (special mention accounts) 2 portfolios, the stress loan book stood at less than 3 per cent on gross advances (as on June 2021) and the same is significantly low, in comparison to other peer banks,” they said.



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Bajaj Finserv gets Sebi nod to launch mutual fund business, BFSI News, ET BFSI

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Bajaj Finserv said it has received an in-principle approval from the Securities and Exchange Board of India (SEBI) for sponsoring a mutual fund. The Company has received an In-Principle approval from Securities and Exchange Board of India (SEBI) vide their letter dated 23 August 2021, for sponsoring a Mutual Fund.

Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws,” said the communication from Bajaj Finserv.

Bajaj Finserv Limited is a part of Bajaj Holdings & Investments Limited which focusses on lending, asset management, wealth management and insurance.

Earlier in August, online discount broker Samco Securities received capital markets regulator Sebi’s approval to launch its mutual fund business. All this comes after the Securities and Exchange Board of India (SEBI) allowed Fintechs to apply for mutual fund (MF) licenses, last year in December.

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Groww, Upstox, Motilal Oswal to be hit by Sebi’s latest rules on digital gold sale, BFSI News, ET BFSI

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The National Stock Exchange (NSE) has instructed all members, including stockbrokers and wealth managers, to wind down the sale of digital gold on their platforms by September 10.

This came after capital markets regulator, the Securities and Exchange Board of India (Sebi), flagged such sales as a breach of the Securities Contracts (Regulation) Rules (SCRR), 1957.

The move, ahead of the crucial festive season months when Indian consumers typically become active purchasers, has hit the country’s nascent yet burgeoning digital gold industry.

Investors are worried over its future as well as its legitimacy in the eyes of financial sector regulators, Sebi as well as the Reserve Bank of India.

Sebi’s concerns may have stemmed from potential use of client funds by brokers to buy digital gold which it views as a non-broking business, according to a review of documents and discussions with multiple industry sources.

The lack of regulatory oversight on companies that sell and store physical gold corresponding to the virtual assets being allocated to the end-consumer, is also cause for concern.

“…It has, however, come to the notice of SEBI/Exchange that certain members are providing a platform to their clients for buying and selling of digital gold. SEBI vide a letter dated August 3 has informed the Exchange that the said activity is in contravention of Rule 8 (3) (f) of SCRR, and members should refrain from undertaking any such activities,” a circular issued by NSE on August 10 showed.

According to a source, similar notices have been issued by all leading exchanges in India in recent weeks. ET could not independently verify this.

New age fintech brokers such as Upstox, Groww, Paytm Money as well as traditional brokers such as HDFC Securities and Motilal Oswal offer customers an option to “invest” in digital gold.

These companies have been given time till September 10 to discontinue the product as well as inform consumers about the move, as per the circular, which ET has reviewed.

Uptsox, Groww, NSE and Sebi did not respond to ET’s emails. Spokespersons for Paytm Money and HDFC Securities declined to comment.

The sale of digital gold in India, although a new concept, is “nothing but facilitating the purchase and sale of physical gold through a digital medium, and the ability to hold it digitally,” said Kishore Narne, head of commodities and currencies at Motilal Oswal.

“We understand Sebi’s concerns as it doesn’t fall under its scope of regulation, they have asked all Sebi-regulated entities to refrain from offering such products, and we are honouring it,” Narne said, adding that customers already holding digital gold would not be impacted by the new rules.

The NSE move comes as a jolt to fintech startups that have been building business models around facilitating purchase and sale of gold virtually in partnership with metal and gold firms – Augmont Gold Ltd, MMTC-PAMP India and Digital Gold India.

The business model involves customers being allowed to buy gold for as low as one rupee, as a digital asset. The gold companies then store an equivalent amount of gold in their lockers – against a virtual certificate of purchase.

These companies, though not under the purview of any financial sector regulator, are said to have a self-regulatory audit and diligence mechanism.

The NSE circular is only applicable to members of the NSE, said Renisha Chainani, Head of Research, Augmont Gold.

“This circular has been issued pursuant to some clarifications put by the regulator, Sebi, on NSE members for offering digital gold. All such partners shall work within the framework and guidelines prescribed by Sebi from time to time,” said Chainani.

MMTC and Digital Gold India did not comment.

Non-broking platforms such as PhonePe and Google Pay among others also offer digital gold to customers and are unlikely to be affected by this development.

India’s digital gold market is worth about Rs 5,000 crore annually, according to industry insiders.

The number of users with over Rs 100 balance in digital gold could be in the range of 5-6 million, said Deepak Abbot, the cofounder of Indiagold, a gold loan fintech.

“This could be an early indication that the regulator is looking to come up with regulations for the industry. Currently, these transactions are not under the purview of either Sebi or RBI,” said Abbot.

A senior stock exchange official told ET that brokers cannot offer such unregulated products through their Sebi-registered entity or platform.

“All the listed products are settlement guaranteed and carry a different risk profile. If an investor loses money due to such digital gold, neither the regulator nor the exchanges can be held responsible,” the executive said. “Hence, our action is limited to the extent that you cannot use Sebi-licensed platforms to sell such products.”

A leading securities lawyer who represents the interests of several brokerages said digital gold typically falls in a regulatory grey zone currently and unless Sebi comes out with a set of regulations, brokers cannot sell the products.

“The problem seems to be that some of the fintech players offer digital gold on the same page right next to where they sell mutual funds or listed shares,” the lawyer said. “However, there is no bar on these fintech firms to create a separate legal entity and set up a different page to sell digital gold.”



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IPO bandwagon getting bigger and bigger; Aug sees 23 filings so far, BFSI News, ET BFSI

Personal Finance

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Mumbai, The raging IPO frenzy has set a record of sorts this month with the first 20 days of August witnessing as many as 23 filings seeking regulatory permission to launch primary share sales worth around Rs 40,000 crore while eight companies already raising over Rs 18,200 crore in the month. Several of these companies are from the startup space such as fintech, e-commerce, online travel and SaaS (software-as-a- service) segments.

So far this year, over 40 new listings have raked in around Rs 70,000 crore. The depth of investor interest, especially from the retail, is very visible with many IPOs being oversubscribed over 100 times and many brokerages say total number of issues may well top the 100-mark this year.

The IPO market is so hot that it has caught the attention of the monetary authority which in its latest bulletin says “year 2021 could well turn out to be the year of IPOs for the country”.

Some of the major filings among the total 23 in the month include the Delhi-based PB Fintech, the promoters of insurance distributor Policybazaar, that is seeking Sebi nod for a Rs 6,000-crore issue; and the Pune-based Emcure Pharma that is seeking to raise Rs 5,000 crore.

Besides, Adani Wilmar, the FMCG arm of the Adani Group, is seeking to mop up Rs 4,500 crore, and the Mumbai-based online fashion and apparel brand Nykaa, whose holding firm FSN E-Commerce, has filed for an Rs 4,000 crore issue.

The list also includes the Gurugram-headquartered Le Travenues Technology, the promoters of online travel booking firm Ixigo, which is looking to collect Rs 1,800 crore from an issue; and Rategain Travel Technologies, the first SaaS (software-as-a-service) company to go public in the country with a Rs 1,500 crore issue; and the Noida-based Rategain is the country’s largest SaaS firm in the hospitality and travel space.

Another main issue is from the Kolkata-based Tarsons Products that manufactures a range of quality lab-ware products. Tarsons has a diversified product portfolio with over 1,700 stock-keeping units across 300 products and operate five manufacturing facilities in Bengal.

Other mid-sized IPOs include the Kochi-based automobile retailer Popular Vehicles & Services which last week filed for a Rs 700-crore issue; beauty care & wellness firm VLCC; Sapphire Foods which operates all the Yum Brands outlets in the country like KFC, Pizza Hut and Taco Bell; Go Fashion India (Go Colors); Fusion Microfinance; and the payment solutions provider AGS Transact Technologies which filed a Rs 800-crore issue on Friday.

And the biggest day for the street was August 4, when four companies–Krsnaa Diagnostics (Rs 1,213 crore), Windlas Biotech (Rs 401 crore in fresh issue and the rest in OFS), Devyani International, which is the largest franchisee of Pizza Hut, KFC and Costa Coffee in the country (Rs 1,838-crore), and Exxaro Tiles that manufactures vitrified tiles (Rs 161-crore) — filed for IPOs.

The companies are buoyed by bumper listings of Clean Science & Technology, GR Infraprojects, Zomato (which was the biggest issue so far this year with Rs 9,300 crore issue) and Tatva Chintan Pharma Chem.

The AGS issue is purely an offer-for-sale of equity shares by promoter Ravi B Goyal and other selling shareholders. Goyal will sell shares worth up to Rs 792 crore through the OFS and other selling shareholders will offload shares worth Rs 8 crore.

Meanwhile, the first 15 days of August saw eight companies successfully completing IPOs and collecting over Rs 18,200 crore in proceeds.

Some of the marquee names that completed the share sale process are the Chennai-based specialty chemicals manufacturer Chemplast Sanmar which raised Rs 3,850 crore; contract development and manufacturing organization Windlas Biotech (Rs 401 crore); home financier Aptus Value Housing (Rs 2,780 crore), the online auto retailing platform Cartrade Tech (Rs 3,000 crore), and drug firm Krsnaa Diagnostics (Rs 1,213 crore), also completed share sale.

Despite an over 20.3 times oversubscription to the Rs 3,000-crore Cartrade issue, the stock made a tepid debut on the Street on Friday and tumbled nearly 8 per cent at close even it opened lower at Rs 1,600, as against the issue price of Rs 1,618.

Besides, Nuvoco Vista Corporation, which has completed the IPO and is set for listing next Monday, is part of the Nirma Group and is among the largest cement and concrete manufacturers, offering a range of products like cement, ready-mix concrete, building materials like adhesives, wall putty, dry plaster, cover blocks, among other.



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IndusInd bank thought they had securities even as legal notices were ignored, BFSI News, ET BFSI

Banking & Finance

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Repeated requests, follow ups and legal notices slapped on Karvy Stock Broking Ltd (KSBL) did not help IndusInd Bank since 2019 in ensuring repayment of Rs 137 crore loan taken from them.

“The bank tried its best to get clarity on the repayment schedule or the status of repayment. Despite repeated oral remainders and calls to C Parthasarathy, no reply was forthcoming as to when the repayment will be made,” IndusInd Bank told police at the time of lodging the complaint.

“On some occasions they assured the bank that they will pay on time and even at this stage they confirmed that security was available to cover the bank’s exposure,” the bank said.

Later, the bank served demand notices to KSBL and Parthasarathy saying that they repay the dues in five days. At this stage, the bank was under the impression that they are secured since they have sufficient collateral in the form of pledged securities to recover the outstanding dues.

But IndusInd bank got a rude shock after SEBI in November 2019 took action against KSBL, and IndusInd bank knew they had no collateral left as a surety. Finally, IndusInd bank approached Hyderabad police detective department.



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Here’s how the scam played out, BFSI News, ET BFSI

Banking & Finance

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Less than two years after the Karvy demat scam came to light, Karvy Group chairman C Parthasarathy was finally arrested in Hyderabad on Thursday on charges of defaulting on a bank loan. Swati Bharadwaj & Partha Sinha break down the details for you

What was the Karvy demat scam?

Hyderabad-based Karvy Group flagship Karvy Stock Broking (KSBL) pledged securities lying in the demat accounts of its clients, without their permission, to raise funds from multiple banks and financial institutions. These funds were then diverted into other Karvy group companies like Karvy Realty.

What was the magnitude of the scam?

Initial estimates showed that KSBL pledged securities of over 95,000 clients illegally and raised over Rs 2,300 crore via loans against shares (LAS) from multiple lenders like HDFC Bank, ICICI Bank, IndusInd Bank, Axis Bank, Bajaj Finance, Aditya Birla Finance.

How was the scam done?

The broking firm transferred shares from the demat accounts of its clients, which were not active, into its demat account named Karvy Stock Broking (BSE) and showed these stocks as its own securities to lenders as collateral for taking loans.

How and when was it unearthed?

On June 20, 2019, markets regulator Sebi came out with a circular on handling client securities which said that brokers could not pledge client securities to raise loans for themselves, which till then was an established market practice. Sebi had set a deadline of September 30, 2019, for brokers to segregate client funds and securities but when KSBL failed to do so by the given deadline, investors complained to Sebi, which then asked NSE to investigate the matter

What was the action taken by regulatory agencies?

On November 22, 2019, Sebi issued an order banning KSBL from broking services and said the firm had transferred Rs 1096 crore to group company Karvy Realty between April 2016 to October 2019. Sebi also asked NSE to conduct a detailed forensic audit while working closely with depository participants (DPs) and stock exchanges to quickly transfer some of the illegally transferred securities back into the accounts of investors. In January 2020, the Union corporate affairs ministry also ordered the Registrar of Companies (RoC), Hyderabad, to probe Karvy group financial fraud.

What about investor compensation?

In December 2019, soon after the scam came to light, Sebi worked with DPs and stock exchanges to transfer securities of nearly 83,000 out of the over 95,000 scam-hit KSBL clients from Karvy’s demat account back into their respective accounts. In November 2020, NSE said it had settled claims worth Rs 2,300 crore to around 2.4 lakh KSBL investors with fund balances of up to Rs 30,000. In early 2021, under directions from Sebi, KSBL’s demat accounts were auctioned off to IIFL Securities and its trading accounts were auctioned to Axis Securities as part of efforts to compensate investors.

Tracking the scam

2019

November 22 | Markets regulator Sebi issues exparte order banning Karvy Stock Broking Ltd (KSBL) from broking activities

November 26 | Karvy Group CMD C Parthasarathy resigns from board of Karvy Fintech, which later rechristens itself as K-Fin Technologies

December 2 | Under Sebi’s directions NSDL and NSE transfer securities worth around Rs 2,300 crore of nearly 83,000 clients of KSBL back into their accounts

December 2 | NSE & BSE suspend KSBL from all market segments for violation of compliance norms

December 4 | SAT turns down KSBL lenders plea to get back the securities that were transferred back to clients so that pledge can be invoked

December 14 | Sebi refuses relief to KSBL lenders

December 31 | Karvy Group kicks of corporate rejig and management reshuffle as damage control exercise; brings in Amitabh Chaturvedi as CEO of financial services business

2020

January | Union ministry of corporate affairs (MoCA) orders probe into Karvy Group affairs

August | Telangana high court dismisses writ petitions filed by Karvy Group challenging SFIO & RoC probes into financial affairs in wake of demat scam

November | NSE settles claims worth Rs 2,300 crore to around 2.4 lakh KSBL investors with fund balances of up to Rs 30,000

2021

February | Depositories and stock exchanges auction KSBL’s demat and trading accounts to IIFL Securities and Axis Securities, respectively

April | IIFL Securities starts activation of 11 lakh frozen Karvy demat accounts with assets under management worth Rs 3 crore that were held by NSDL and CDSL

August 19 | Karvy group chairman and promoter C Parthasarathy arrested by CCS of Hyderabad police based on loan default complaint by IndusInd Bank



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Karvy Group chairman held for Rs 137 crore loan default, BFSI News, ET BFSI

Banking & Finance

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HYDERABAD: Less than two years after markets regulator Securities & Exchange Board of India (Sebi) banned Hyderabad-based broking firm Karvy Stock Broking Ltd (KSBL) for illegally pledging client securities to raise loans against shares, city police arrested KSBL chairman and managing director C Parthasarathy on Thursday based on a loan default complaint by IndusInd Bank.

Two months ago, the bank had registered an FIR sagainst KSBL — which was India’s top broking firms till 2019 — accusing it of defaulting on a loan of Rs 137 crore by pledging its clients’ securities.

Parthasarathy was arrested on charges of cheating, fraud and criminal breach of trust under various sections of the Indian Penal Code. The Karvy Group boss was later produced before the Nampally criminal court, which remanded him to 14 days judicial custody. Police officials said that apart from probing the KSBL loan default to banks, they are also probing the Parthasarathy’s alleged misuse of clients’ funds to the tune of Rs 720 crore parked in KSBL’s trading accounts.

The investigating team of Hyderabad police relied upon details in Sebi’s 2019 orders banning KSBL from broking activities based on a preliminary investigation by National Stock Exchange.

Hyderabad police commissioner Anjani Kumar told mediapersons that Parthasarathy was arrested under Sections 406 (criminal breach of trust), 420 (cheating), 418 (cheating with knowledge that wrongful loss may ensue to person whose interest offender is bound to protect), 421 (dishonest or fraudulent removal or concealment of property to prevent distribution among creditors), 422 (dishonestly or fraudulently preventing debt being available for creditors), 409 (criminal breach of trust by public servant, or by banker, merchant or agent) and 120b (conspiracy) of IPC.

Avinash Mohanty, joint commissioner of police (detective department), Hyderabad police, said the case was registered on the basis of IndusInd Bank’s complaint alleging that KSBL availed credit facilities of Rs 137 crore by pledging shares, along with a personal guarantee from Parthasarathy, by suppressing the fact that the pledged securities belong to KSBL clients. “Without their (clients) consent he misused the power of attorney (given by clients to KSBL for trading purposes),” Mohanty said.

KSBL,which allegedly transferred the securities of its clients into its own demat accounts and pledged them to banks like IndusInd, is also accused of defaulting on loans worth Rs 680 crore that it took from various other banks. KSBL was one of the largest broking firms in India with over 2.5 lakh clients before the scam came to light.

“The accused company became defaulter by diverting the funds into the accounts of its own or connected businesses entities. In November 2019, Sebi revoked the securities pledged with banks and NBFCs and returned the securities to client accounts. The complainant banks were left with no collateral and thereby KSBL defaulted in repayments of about Rs 137 crore to IndusInd,” police said.

Following his arrest, Parthasarathy moved a bail petition in the Nampally criminal court, which is yet to decide on the date of hearing the petition.



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CMS Info Systems files draft papers with Sebi to garner Rs 2,000-cr via IPO, BFSI News, ET BFSI

Banking & Finance

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New Delhi, Cash management company CMS Info Systems has filed preliminary papers with markets regulator Sebi to mop up Rs 2,000 crore through its initial share sale offering. The company’s initial public offer (IPO) is a pure offer for sale by promoter Sion Investment Holdings Pte Limited, an affiliate of Baring Private Equity Asia, as per the draft red herring prospectus (DRHP).

Sion Investment, which acquired CMS in 2015, holds 100 per cent stake in the company at present.

CMS provides cash management services, which include ATM services, and cash delivery and pick-up.

The company’s integrated business platform is supported by customised technology and process controls, which enables it to offer customers a wide range of tailored cash management and managed services solutions.

It caters to broad set of outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India. It operates business in three segments — cash management services, managed services and others.

This will be the company’s second attempt to go public. Earlier in 2017, it had filed draft papers with Sebi and had obtained the regulator’s clearance to launch the IPO. However, the company did not launch the public issue.

Axis Capital, DAM Capital Advisors, Jefferies India, and JM Financial are appointed as the book running lead managers to the issue.



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After reverse merger, promoter holding in Equitas, Ujjivan SFBs to fall to zero, BFSI News, ET BFSI

Banking & Finance

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Taking a cue from IDBFC First Bank, Equitas Small Finance Bank and Ujjivan SFB plan to reverse merge the holding companies into the SFB, thereby bringing down the promoter shareholding to zero.

In case of Ujjivan SFB, promoter shareholding, or the shareholding by the non-operating holding comapbny was 83.32 per cent as in June 2021 while in the case of Equitas, the NOFHC held 81.98 per cent of the bank in March this year.

RBI rules stipulate that the SFB promoters must bring down their shareholding to 40 per cent in five years.
The reverse merger, in this case, brings down the promoter shareholding to zero as post merger, the holding companies would cease to exist.

Equitas SFB

As per the SFB licensing guidelines of RBI, a promoter of SFB can exit or to cease to be a promoter after the mandatory initial lock-in period of five years (initial promoter lock-in) depending on RBI’s regulatory and supervisory comfort and SEBI regulations at that time.

In case of Equitas Small Finance Bank (the bank), the initial promoter lock-in for the company expires on September 4, 2021.

Hence, the bank had requested RBI if a scheme of amalgamation of the company with the bank, resulting in exit of the promoter, can be submitted to RBI for approval, prior to the expiry of the said five years, to take effect after the initial promoter lock-in expires.

RBI vide its communication dated July 9, 2021, to the bank has permitted the bank to apply to RBI seeking approval for scheme of amalgamation.

RBI has also conveyed that any ‘no objection’, if and when given on the scheme of amalgamation, would be without prejudice to the powers of RBI to initiate action, if any, for violation of any licensing guidelines or any terms and conditions of license, or any other applicable instruction, it added.

The share exchange ratio would result into each shareholder of the transferor company, Equitas Holdings, getting 226 equity shares of the transferee company, Equitas SFB, for every 100 shares held by them in the holding company.

Holding company

The RBI had mandated a holding company structure to ring-fence the bank from other financial services businesses of the group. A reverse merger is beneficial to the shareholders of IDFC as it would remove the holding company discount. While the 2013 RBI rules mandated it, in the 2016 guidelines for “on-tap” bank licensing, the RBI had not sought requirement of holding company for promoter if there are no other group entities.



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Paradeep Phosphates files IPO papers with Sebi, BFSI News, ET BFSI

Personal Finance

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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.

Proceeds of fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa, payment of debt and general corporate purposes.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilizers such as di-ammonium phosphate (DAP) and NPK fertilizers. Its fertilizers are marketed under some of the key brand names in the market ‘Jai Kisaan – Navratna’ and ‘Navratna.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the lead managers to the issue.



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