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Home » business » Godavari Biorefineries files IPO papers with Sebi

Godavari Biorefineries files IPO papers with Sebi

The IPO comprises fresh issuance of equity shares worth Rs 370 crore and an offer of sale (OFS) of 65,58,278 equity shares by promoters and investors, the draft red herring prospectus (DRHP) showed.

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Godavari Biorefineries has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO comprises fresh issuance of equity shares worth Rs 370 crore and an offer of sale (OFS) of 65,58,278 equity shares by promoters and investors, the draft red herring prospectus (DRHP) showed.

The OFS consists of the sale of 5 lakh equity shares each by Samir Shantilal Somaiya and Somaiya Agencies, up to 49.27 lakh by Mandala Capital, up to 3 lakh equity shares by Filmedia Communication Systems, up to 1.31 lakh equity shares by Somaiya Properties and Investments and up to 2 lakh equity shares by Lakshmiwadi Mines and Minerals.

The company may consider a pre-IPO placement of up to Rs 100 crore. If such placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issue will be used for payment of a debt, to fund capital expenditure for sugarcane crushing expansion, support capital expenditure for the potash unit, and general corporate purposes.

Godavari Biorefineries is one of the leading producers of ethanol and a pioneer in manufacturing ethanol-based chemicals in India. The diversified product portfolio comprises bio-based chemicals, sugar, rectified spirits, ethanol, other grades of alcohol and power.

Equirus Capital and JM Financial are the books running lead managers to the issue. (PTI)

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