Goldman Sachs India Equity Portfolio acquired 41,32,211 equity shares in Paradeep Phosphates Limited via open market transactions at an average price of ₹45.95 per share. This amounts to an investment of 18.98 crores.
As per a circular uploaded on BSE’s website, Goldman Sachs was among the anchor investors who invested in the shares of the company at ₹42 apiece aggregating the transaction size to ₹450.52 crores.
The other anchor investors include BNP Paribas Arbitrage, Kuber India Fund, Copthall Mauritius Investment and Societe Generale amongst others. Additionally, seven domestic mutual funds — ICICI Prudential Mutual Fund (MF), Nippon India MF, SBI MF, Tata MF, HDFC MF, DSP MF and Mirae MF — also participated in the anchor round.
The shares of the company made a stock market debut on Friday and the shares got listed at ₹44 apiece on the NSE. They got listed at a premium of more than 4% from its IPO issue price of ₹42 per share. The shares are currently trading at ₹42.20 apiece.
The company said that it aims to use the proceeds of the fresh issue to partly finance the acquisition of the fertiliser manufacturing facility in Goa, payment of debt and general corporate purposes.
Paradeep Phosphate is part of the Adventz Group of Companies. It manufactures, trades, distributes and sells a variety of fertilizers and owns brands like ‘Jai Kisaan – Navratna’ and ‘Navratna’.
The government used to hold a 19.55% stake in the company, but it sold 60.18 lakh equity shares or its entire stake in an offer for sale during the IPO and ceased to be a promoter.
