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Last Updated : Dec 18, 2019 06:44 PM IST | Source: Moneycontrol.com

Rossari Biotech files IPO papers, looks to raise Rs 700 crore

Sources told Moneycontrol that the company aims to raise around Rs 700 crore through the share sale.

Speciality chemical manufacturer Rossari Biotech on December 18 filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI for its proposed initial public offering.

The public issue comprises a fresh issue of Rs 150 crore and an offer for sale of up to 1.05 crore shares by promoters.

Sources told Moneycontrol that the company aims to raise around Rs 700 crore through the share sale.

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The company intends to utilise fresh issue proceeds towards repayment of certain debt, funding working capital requirements and general corporate purposes.

The Mumbai-based company company in its DRHP said in consultation with merchant bankers, it may consider a private placement of equity shares aggregating up to Rs 100 crore.

If company successfully raises money in a pre-IPO placement, then the amount of fresh issue will be reduced.

Rossari Biotech provides customised solutions to specific industrial and production requirements to its customers primarily in the FMCG, apparel, poultry and animal feed industries through its diversified product portfolio comprising home, personal care and performance chemicals, textile specialty chemicals and animal health and nutrition products.

It operates in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius.

Some of the significant customers for its home, personal care and performance chemical products category include RSPL Limited (Ghadi detergent), IFB Industries, Hindustan Unilever, Panasonic India, BSH Household Appliances Manufacturing Private Limited, CICO Technologies, Rentokil Initial Hygiene India and Millennium Papers.

Axis Capital and ICICI Securities are book running lead managers to the issue.

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First Published on Dec 18, 2019 06:44 pm
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