Innova Captab has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). The company’s proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders.
The company, which filed the draft red herring prospectus with the SEBI in June 2022, got the regulator’s approval on January 9, 2023. Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore for payment of loans availed by its subsidiary UML, and Rs 90 crore for funding working capital requirements. The equity shares are proposed to be listed on BSE and NSE.
Innova Captab is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.
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