Kaveri Seeds IPO

The initial public offer of Kaveri Seed Company was subscribed 4.51 times on the last day of its offer.

The issue received bids for 1.80 crore equity shares for the 40 lakh shares on offer, latest data available on the stock exchanges show.

The company is expecting to garner up to Rs 68 crore from issue for which the price band has been fixed between Rs 150 to 170 a share.

Besides, another IPO of Dhanus Technologies got subscribed 2.65 times on the second day of issue.

The issue received bids for 1.01 crore equity shares for the 38.35 lakh equity shares on offer, data available on the exchanges show.

The price band of the issue, which closes on September 12, has been fixed between Rs 280 to 295 a share.

Kaveri Seed proposes to utilise the net proceeds of the issue for acquisition of farmland for research and development near Hyderabad, Alwar and Ahmedabad, setting up marketing offices and godowns in Delhi, Lucknow, Jaipur, Ahmedabad and Aurangabad, and a biotechnology lab near Hyderabad.

The proceeds would also be used for upgradation of existing seed processing plants at Kandalkoi, Gundla Pochampally, Gatla Narsingapur and Bellary and setting up of seed processing plant near Hyderabad.

Kaveri Seed Company is mainly into research, production, processing and marketing of high-quality hybrid seeds for crops like corn, sunflower, cotton, pearl millet, paddy, grain sorghum and has recently forayed into micro-nutrients and bio-products.

Dhanus Technologies proposes to utilise the proceeds to expand its infrastructural facilities and equipment base, and construct a new corporate office.