Insecticides India in talks with PE firms
Insecticides India is in talks with private equity investors to raise INR700 million ($12.6 million) to INR1 billion for its business expansion, which will dilute a part of its promoter’s equity.
The Delhi-based pesticide maker - in which promoters held a 74.69% stake as of 31 March - plans to invest INR1.25 billion over the next two years, in a move to expand capacity and launch products, LiveMint reported.
"So far we expanded our business using internal accruals and bank debt, but now we thought it is prudent to raise funds through equity dilution," said Rajesh Aggarwal, managing director of Insecticide.
Insecticides produces and distributes plant protection chemicals and household pesticides. Its products include insecticides, fungicides, weedicides, herbicides, plant growth regulators, and household pesticides. The company reported revenue of INR5.2 billion and a net profit of INR330 million for the fiscal year ended 21 March.
Shares of the company went up 0.29%, closing at INR397.50 on the National Stock Exchange of India on Monday.
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