Indian Phosphate IPO To Fund New Unit In Tamil Nadu

Mumbai:Indian Phosphate announced Rs 67.36 crore initial public offering on NSE's Emerge platform for SMEs, in the price band of Rs 94 to Rs 99 per equity share of Rs 10 face value.

The public issue opens on August 26 and closes on August 29, 2024.

The company manufactures Single Super Phosphate fertilizer fortified with Zinc and Boron and Linear Alkyl Benzene Sulfonic Acid -a surfactant used in making washing powders, cakes, toilet cleaners, and liquid detergents at its manufacturing facility near Udaipur, Rajasthan.

The net proceeds from the fresh issue will be used to fund a new manufacturing facility at SIPCOT Industrial Park in Cuddalore District of Tamil Nadu.