As per the draft papers, Nova Agritech's initial share sale comprises a fresh issue of equity shares worth up to Rs 140 crore and an offer-for-sale  OFS  component of up to 77,58,620 equity shares of shareholder Nutalapati Venkatasubbarao. Further, it will also use Rs 26.69 crore for funding of working capital requirement of Nova Agritech, Rs 56.74 crore for investment in Nova Agri Sciences, for funding working capital requirements and general corporate purposes. Agri-input manufacturer Nova Agritech, server maker Netweb Technologies India and sewerage solution provider EMS have received capital market regulator Sebi's approval to raise funds through initial public offerings. The proceeds from the fresh issue worth Rs 14.20 crore will be utilised for investment in its subsidiary Nova Agri Sciences for setting up a new formulation plant, Rs 10.49 crore for funding capital expenditure by Nova Agritech and towards the expansion of its existing formulation plant.
Nova Agritech, Netweb Technologies India, and EMS have received Sebi's approval for their IPOs. Nova Agritech's IPO comprises a fresh issue of equity shares worth up to Rs 140 crore and an OFS component of up to 77,58,620 equity shares. The proceeds from the fresh issue will be utilized for investment in its subsidiary Nova Agri Sciences, funding capital expenditure, and expansion of its existing formulation plant.