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GSP Crop Science plans Rs 500-crore IPO next year

Agro-chemical firm GSP Crop Science Pvt Lt is looking to launch a Rs 500-crore IPO (Initial Public Offering) by next year, according to its managing director Bhavesh Shah. The company, which needs funds for expansion of its business operation, plans to soon file a draft red herring prospectus with capital markets regulator Sebi, he said.

Established in 1985, Ahmedabad-based GSP Crop Science manufactures technical grade ingredients and formulates insecticides, fungicides and herbicides, intermediates, biopesticides, seed-treatment chemicals and public health products.”We are in the beginning stage of IPO. About Rs 500 crore funds will be raised through IPO,” Shah said in an interview with PTI.

The company intends to launch new products and set up a new production line at Dahej in Gujarat. The funds raised through initial share sale will be utilised for this, he added. GSP Crop Science whole-time director Tirth Shah said the company’s move to launch the IPO is mainly driven by improvement in its financial performance in last few years and expansion plans.

The company’s revenue has risen year-on-year basis and it stood at Rs 1,350 crore during 2021-22 financial year, up from over Rs 1,000 crore in the previous year, he said. The company expects about 15-20 per cent increase in the annual revenue in the current fiscal, he added.

Currently, GSP Crop Science has three units, two in Gujarat and one in Jammu. The fourth one is planned at Dahej. Much of its sales come from Maharasthra, followed by Gujarat and other states.

Eqwires Research Analyst

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Yes Bank seeks shareholders’ nod for raising up to Rs 10,000 crore debt capital

Yes Bank will seek shareholders’ approval next month to raise debt capital of Rs 10,000 crore through various modes on private placement basis.

The bank’s annual general meeting is scheduled for July 15, 2022.

“For enabling the bank to evaluate a potential fund raising at an appropriate time, the board of directors seek approval from members of the bank for borrowing/raising funds in Indian/foreign currency by issue of debt securities up to Rs 10,000 crore,” Yes Bank said in a regulatory filing.

The bank said it plans to borrow the funds through debt securities including nonconvertible debentures, MTN (Medium-Term Notes), bonds (including forming part of tier I/II capital). It may also include long-term infrastructure bonds or such other securities, including securities to be issued from its offshore branches and/or the IBU (IFSC Banking Unit) situated at the GIFT City IFSC.

The funds may be raised in one or more tranches in domestic or overseas markets, it said.

Also, the bank will seek shareholders’ approval for amendments to the Employees Stock Option Scheme (YBL Employee Stock Option Scheme 2020).

The bank intends to revise the maximum limit of Options to be granted per individual employee. The proposal has been made considering the ESOP allocation for two financial years (FY2022 and FY2023). Further revisions to this, if required, shall be recommended for approval to shareholders accordingly, it said.

Yes Bank said it had introduced ‘YBL Employee Stock Option Scheme 2018′ to attract, retain, motivate and incentivise its eligible employees vide shareholders’ special resolution dated June 12, 2018. Subsequently, it amended the YBL ESOS2018 to increase the aggregate number of employee stock options.

Besides, the bank will also seek approval from members for payment of remuneration to MD&CEO Prashant Kumar.

“The approval of the members… hereby accorded for payment of variable pay to Prashant Kumar as MD&CEO of the bank, comprising performance bonus (cash) and Performance Employee Stock Options (PESOP) at the end of the each financial year, determined by N&RC and board of directors,” Yes Bank said.

Kumar’s total fixed pay, including perquisites, for 2021-22 stood at Rs 3.02 crore with basic salary of Rs 49,50,000.

Yes Bank stock was trading at Rs 12.81 on BSE, up 0.79 per cent from previous close.

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LIC ups stake in Capri Global to over 7 pc with Rs 221 crore investment

LIC has increased its stake in non-banking finance company Capri Global Capital, to over 7 per cent from 5 per cent earlier, during the February-June period with an investment of over Rs 221 crore, the state-owned insurer said on Tuesday.

LIC’s shareholding in Capri Global Capital has increased from 88,58,348 equity shares to 1,24,00,000 equity shares or from 5.043 per cent to 7.059 per cent of the paid-up capital of the latter, Life Insurance Corporation (LIC) said in a regulatory filing.

The holding increased during the period from February 21 to June 10, through open market purchase at an average cost of Rs 624.61, LIC said. This translates into an investment of about Rs 221.22 crore by the life insurer for the stake buy in Capri Global.

Capri Global is an NBFC with presence across different segments like MSME, construction finance, affordable housing and indirect retail lending segments.Shares of LIC were trading at Rs 673.45 apiece on BSE, up by 0.79 per cent from its previous close, while Capri Global scrip was up 0.14 per cent at Rs 695.30 apiece on BSE.

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