Dikhyaa Mohanty 
Leading fertilizer company Paradeep Phosphates has received a thumps up from the Securities and Exchange Board of India (Sebi) to swab up funds through an initial public offering (IPO).
According to the reports, the IPO comprises a fresh issue of equity shares worth Rs 1,255 crore and an offer for sale (OFS) of up to 12,00,35,800 shares by its existing shareholders and promoters. Under the OFS, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offer up to 75,46,800 shares, while up to 11,24,89,000 equity shares will be offered by the Government of India.
The reports further added that Paradeep Phosphates, which had filed preliminary IPO papers in August, obtained Sebi’s observations on September 22. Right now ZMPPL holds 80.45% and the Government of India owns a 19.55% stake in the company.
Proceeds from the fresh issues will be used to finance the acquisition of the fertilizer manufacturing facility in Goa, for payment of debt and general corporate purposes.
