New Delhi [India], Mar 19 (NewsVoir): Delhi based Continental Seeds and Chemicals Limited engaged in the business of developing, processing, grading and supplying of all kind of agricultural foundation and certified seeds and trading of Mentha Oil, is all set to launch its maiden IPO offering 16,20,000 equity shares at issue price of Rs. 10 each making the issue size of around Rs. 4.21 crores.
The shares of the company will list on NSE Emerge. The sole lead manager to this issue is Navigant Corporate Advisors Limited and Registrars to the issue are MAS Services Limited. The main objectives of the company to come up with an IPO are to reduce its debt, to part finance working capital requirements of the Company, to meet General corporate purposes and meet the expenses of the Issue.
Praveen Rastogi, Chairman and Managing Director, Continental Seeds and Chemicals Ltd. said, "The Company is on growth path and anticipated growth will push requirements of extended working capital and adequate working capital is required for smooth and uninterrupted operations of the Company and will enhance the turnover and profits".
Seed processing is a vital part of the seed production needed to move the improved genetic materials of the plant breeder into commercial channels for feeding the rapidly expanding world population. The farmer must get the quality seed that is free from all undesired materials because farmer's entire crop depends on it. Company which has its state of art, ultra modern manufacturing unit situated at Bazpur district in Uttarakhand also obtains seed certification certificate from Uttarakhand State Seed and Organic Production Certification Agency.
On the Financial front, EPS of Continental Seeds and Chemicals Limited during the year 2016 was recorded at Rs. 0.88 and in the very next year in 2017 it rose to Rs. 1.11. The EPS for the nine months ended December 31, 2017 is Rs. 1.82 (not annualised). The company's management is optimistic of an improvement in financial results.
The company which has already made significant foot print in the seed industry segment, is now aggressively looking at key opportunities in the seed business. (NewsVoir)