Nova Agritech Limited has informed the Exchange regarding Board meeting held on May 05, 2025.
NOVAAGRI · price
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Nova Agritech's board approved a ₹12.27 crore investment in its wholly-owned subsidiary Nova Agri Sciences Private Limited through 12,27,310 unsecured optionally convertible debentures (OCDs) of ₹100 each, to be used for working capital and a new formulation plant. The subsidiary, which is in the crop protection and agri-input business, reported a standalone turnover of ₹111.66 crore and PAT of ₹9.75 crore in FY24. The board also approved the appointment of P.S. Rao & Associates as Secretarial Auditors for five years starting FY25-26, and re-appointed V P S & Associates and M P R & Associates as Internal and Cost Auditors respectively. Additionally, up to ₹2.70 crore of interest earned on IPO fixed deposits will be used for working capital, and the company will set up a Drone Training Centre in Prakasam district, Andhra Pradesh.
The investment strengthens the subsidiary's working capital and manufacturing capacity, supporting growth in the crop protection segment, while the auditor changes and drone training initiative signal operational expansion. For shareholders, this is a routine use of IPO proceeds as originally disclosed, with no immediate effect on earnings or share price.