Advanta India Ltd IPO opens on Mar 26

Mumbai, Mar 20 (UNI) Advanta India Ltd, an international agronomic seed company with principal operation in India, Australia, Thailand and Argentina and a subsidiary of United Phosphorus Ltd (UPL) is entering the capital market on March 26 with an IPO of 3,380,000 Equity shares of Rs ten for cash at a premium to be decided through the 100 per cent Book-Building Process.

The price has been fixed between Rs 600 and Rs 650 per Equity Share.

The subscription to the Issue will close on March 30, and the issue will constitute 20.08 per cent of the post issue paid up of the company. The shares will be listed on the NSE and BSE.

The Company's Managing Director V R Kaundiya told mediapersons ''The fund requirement and deployment is based on internal management estimates around Rs 2.5 crore along with working capital requirement and general corporate purpose. The Company has been reorganized into its current form following the acquisition by UPL of the business previously held by Advanta Netherlands Holdings B V (Advanta Nertherlands) and the amalgamation of Uniphos Seeds and Bio-Genetic Pvt Ltd (USBPL).'' The Company, including its operating subsidiaries is engaged in the research, production and sales of a range of hybrid seeds for cereal and oilseed crops and is a global leader in technical plant breeding and in the application of biotechnology to develop new hybrids and varieties of field crops and broad acre vegetable seed products, he added.

UNI