Fragrance maker SH Kelkar & Company has received capital markets regulator Securities and Exchange Board of India’s (SEBI) approval to float an initial public offer (IPO), including issuance of fresh shares worth Rs 200 crore. With this, the number of firms receiving SEBI’s green signal for IPOs since the beginning of the year has reached 20.
The company plans to utilise the funds raised from the fresh issue towards repayment of loans and for other general corporate purposes.
The Mumbai-based company, which is in the business of fragrances, flavours and aroma chemicals, had filed a draft red herring prospectus with SEBI through its lead merchant banker JM Financial Institutional Securities in March.
