Nova Agritech: APSDRI Raid Company IPO Sees 113x Subscription, Allotment Completed, Set for Listing Tomorrow – Full Details

APSDRI Raid on Nova Agri Tech Pvt Ltd:

Nova Agri Tech Pvt Ltd in Guntur district faced a raid by the AP State Directorate of Revenue Intelligence (APSDRI) on January 24.

The management was alleged to have committed electoral malpractices during the raid.

Seized items for further investigation included files, cash receipt books, a diary, a spiral book, a computer CPU, a stock register (FY 2019-2020), a mobile phone of an employee, and an office laptop.

Details of Nova AgriTech IPO:

Nova AgriTech IPO, totaling Rs 143.81 crores, comprises a fresh issue of 2.73 crore shares (Rs 112.00 crores) and an offer for sale of 0.78 crore shares (Rs 31.81 crores).

Bidding occurred from January 23 to January 25, 2024.

Allotment results were finalized on January 29, 2024, and the listing is scheduled for January 31, 2024, on both BSE and NSE.

The IPO’s price band is set at ₹39 to ₹41 per share, with a minimum lot size of 365 shares.

Nova AgriTech IPO Subscription Highlights:
The IPO received an impressive overall subscription of 113.21 times by January 25, 2024.

Retail category: 80.20 times, QIB category: 81.13 times, NII category: 233.03 times.

Nova Agritech Raid by APSDRI: MLA from Parchur Faces Legal Action

Following the APSDRI raid on Nova Agri Tech Pvt Ltd in Guntur district on January 24, uncovering purported electoral malpractices by the management, the Inkollu police filed a case on Monday. The case, registered under Sections 123(1) of the Representation of People Act, 1951, and Section 171-E r/w 120B of the IPC, names Parchur TDP MLA Yeluri Sambasiva Rao, the group’s chairman, and others as accused.

Based on a complaint filed by the APSDRI Special Commissioner, the police have filed a case wherein Sambasiva Rao is identified as the main accused, with Pullela Ajay Babu labeled as A2, Appa Rao as A4, Baji Babu as A5, and Sai Ganesh as A6. Allegedly, they are charged with bribing voters to support Sambasiva Rao during the 2019 Assembly elections. The police informed TNIE that the case against the MLA and others was registered with the approval of the jurisdictional court.

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