Godavari Biorefineries has filed preliminary papers with capital markets regulator Sebi to boost funds via an preliminary public providing (IPO).
The IPO includes contemporary issuance of fairness shares value Rs 370 crore and an provide of sale (OFS) of 65,58,278 fairness shares by promoters and traders, the draft crimson herring prospectus (DRHP) confirmed.
The OFS consists of sale of 5 lakh fairness shares every by Samir Shantilal Somaiya and Somaiya Agencies, as much as 49.27 lakh by Mandala Capital, as much as 3 lakh fairness shares by Filmedia Communication Systems, as much as 1.31 lakh fairness shares by Somaiya Properties and Investments and as much as 2 lakh fairness shares by Lakshmiwadi Mines and Minerals.
The company could think about a pre-IPO placement of as much as Rs 100 crore. If such placement is accomplished, the contemporary problem measurement might be lowered.
Proceeds from the contemporary problem might be used for fee of debt, to fund capital expenditure for sugarcane crushing enlargement, help capital expenditure for the potash unit and for common company functions.
Godavari Biorefineries is without doubt one of the main producers of ethanol and a pioneer in manufacturing ethanol-based chemical compounds in India. The diversified product portfolio includes bio-based chemical compounds, sugar, rectified spirits, ethanol, different grades of alcohol and energy.
Equirus Capital and JM Financial are the e-book working lead managers to the difficulty.
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