Agro-chemicals major Punjab Chemicals and Crop Protection Ltd (PCCPL) is planning to raise around Rs 250 crore through global depository receipts (GDRs) in the next six months to fund its global acquisiton plans and other fund requirements.
PCCPL is planning to issue shares in European and Asian countries and subsequent listings on Luxemburg Stock Exchange and Singapore Stock Exchange, according to sources.
The agro-chemical company has already hired advisors for the issue and will wait for their recommendations before finalising the details of the GDR.
PCCPL also intends to use the money for its capital expenditure and recruitment plans, among others.
PCCPL is likely to raise the amount through two tranches. The company is expected to raise around Rs 100-125 crore in the first tranche, which is expected to be announced in the next couple of months. The remaining money will be raised through the second tranche, expected within six months of the first tranche.
When contacted, top officials of the company declined to comment on the issue.
The company is believed to be in discussions with a US-based firm to acquire its agrochemicals portfolio. However, the name of the company could not be ascertained.
Earlier, the company acquired Agrichem Netherlands for around $60 million (nearly Rs 240 crore) last year, prior to which it bought Argentina-based Sintesis Quimica for $10 million (nearly Rs 40 crore). These buyouts had helped the company consolidate its position in North America, Latin America and Europe.
In 2006, the company acquired IAIC Chem for an undisclosed sum, a move that enabled PCCPL to venture into herbicides and fungicides formulation and water dispersible granules businesses.
