Besides the dairy business, the transaction also involves sale of 100 per cent shareholding in Sunfresh Agro Industries, a step-downsubsidiary of Prabhat, via a share purchase agreement, the company said.
Parag Milk Foods, Prabhat Dairy, Hatsun Agro are sharpening their gaze on the retail space and buttering up their customers.
Proceeds would be used for business expansion, repayment of loans and working capital requirements
By official estimates, the country has a surplus of 300,000 tonnes of milk powder, which has led to dairies and other bulk buyers cutting liquid milk purchase thus affecting its price.
So far in September, the S&P BSE Small-cap index has gained nearly 3 per cent as compared to a modest 0.2 per cent dip in the S&P BSE Sensex.
This was the biggest IPO in the Indian market since Infratel's.
Dairies cut milk procurement price by 11% in 2 months on bumper supply, but they are in no mood to pass on this price benefit to the consumers
Investment bankers said retail investors were pulling back, while institutions were being pickier
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Among the index heavyweights, Reliance Industries ended down 1.9% while mortage lender HDFC eased 0.2%. FMCG major ITC ended down 1.3%.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Unless unique, avoid investing in IPOs.
If companies manage to raise Rs 10,000 crore, this will be the best year for IPOs since FY11.
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