Rajputana Biodiesel, which produces bio-fuels and its by–products glycerine and fatty acids, will hit Dalal Street on November 26 to raise Rs 24.7 crore via an initial share sale. It has fixed price band for the offer at Rs 123-130 per share.
The IPO, which consists of entirely a fresh issue of 19 lakh equity shares, will close on November 28, while investors can trade in Rajputana equity shares on the NSE Emerge effective December 3.
Retail participants can bid for a minimum and maximum of 1,000 equity shares worth Rs 1.3 lakh, which is a single lot. They cannot invest beyond Rs 2 lakh in any IPO.
Half of the net issue size (excluding the market maker's portion) has been reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent shares for non-institutional investors.
With operational manufacturing unit in Rajasthan and installed production capacity of 24 kilo litre per day (klpd), Rajputana Biodiesel produces and supplies bio-fuels and its by–products glycerine and fatty acids.
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The Jaipur-based company will provide Rs 4.2 crore out of the net fresh issue proceeds as a loan to its subsidiary, Nirvaanraj Energy in Uttar Pradesh for expansion of existing manufacturing facility. Furthermore, Rs 12.2 crore will be used for working capital requirements of the company, and the remainder IPO funds for general corporate purposes.
GYR Capital Advisors is the merchant banker to the issue.
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