Functional & Innovative Foods has filed draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The proposed IPO is a combination of a fresh issue of 60 lakh equity shares and an OFS of 25 lakh shares by a promoter Senthil Kumar Chinnusamy.
The company plans to use the money raised from the IPO for setting up a new factory in Namakkal, Tamil Nadu, to make sprouted and fortified food products. Also, it will establish another new factory in Dhar, Madhya Pradesh, to increase the production of its current product line. Additionally, funds will be used for debt payment and general corporate purpose.
Functional & Innovative Foods is an integrated food contract manufacturing company offering a diversified product portfolio to businesses of varying scales, from emerging brands to multi-national fast moving consumer goods (FMCG) companies with a focus on quality and food safety.
