Laxmi Organic Industries has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 800 crore through an initial public offering (IPO). The IPO comprises fresh issuance of shares aggregating to Rs 500 crore and an offer-for-sale worth Rs 300 crore by the promoter Yellow Stone Trust.
Net proceeds from the issue will be utilised for setting up a manufacturing facility for fluoro specialty chemicals, working capital requirements, purchase of plant and machinery and upgrading existing units. In addition, funds would be used for prepayment or repayment of all or a portion of outstanding loans, besides general corporate purposes. Axis Capital and DAM Capital Advisors have been appointed as the book running lead managers to the issue.
Laxmi Organic Industries is a leading manufacturer of acetyl intermediates and specialty intermediates and solvents catering to diverse end-market sectors like pharmaceuticals, agrochemicals, food packaging, pigments and coatings.
Company Name | CMP |
---|---|
Tata Chemicals | 1103.00 |
SRF | 2523.00 |
Pidilite Inds. | 2832.35 |
Aarti Inds | 723.10 |
Gujarat Fluorochemic | 3583.65 |
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