Sillverton Industries gets SEBI’s approval to float IPO

Sillverton Industries has secured Securities and Exchange Board of India’s (SEBI's) approval to raise funds through initial public offering (IPO). The company’s IPO is a combination of fresh issuance of shares worth Rs 300 crore, and an offer-for-sale of 3.22 crore equity shares by promoters.

Proceeds from the fresh issue to the tune of Rs 129.4 crore would be used towards capital expenditure for sustainability initiatives at the existing manufacturing facility, such as the installation of a 14 MW waste-to-energy captive power plant and a compressed bio gas plant. An additional Rs 25.25 crore will be used to enhance the rewinder and sheeter capacity and to construct in-house warehouses at the existing facility, Rs 72 crore for the payment of debt and the remaining funds for general corporate purposes.

Sillverton Industries is into manufacturing and marketing of eco-friendly specialty paper, serving a diverse spectrum of end-use industries. Its comprehensive range of paper-based products include writing and printing paper; kraft paper; cupstock paper, and other specialised grade papers.