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Godavari Biorefineries submits paperwork to Sebi for an IPO

Godavari Bioraffineries has filed preliminary papers with the Sebi capital market regulator to raise funds through an initial public offering (IPO).

The IPO includes the re-issue of shares valued at Rs 370 billion and a sale offer (OFS) of 65,58,278 shares by promoters and investors, as shown in the draft Red Hering Prospectus (DRHP).

The OFS consists of the sale of 5 lakh shares each from Samir Shantilal Somaiya and Somaiya Agencies, up to 49.27 lakh shares from Mandala Capital, up to 3 lakh shares from Filmedia Communication Systems, up to 1.31 lakh shares from Somaiya Properties and Investments and up to 2 lakh shares in Lakshmiwadi Mines and Minerals.

The company may consider a pre-IPO placement of up to Rs 100 crore. When such a placement is completed, the size of the new issue will be reduced.

The proceeds from the new issue will be used to repay debt, finance investments for the expansion of the sugar cane crushing facility, support investments in the potash unit and for general corporate purposes.

Godavari Biorefineries is a leading manufacturer of ethanol and a pioneer in the production of ethanol-based chemicals in India. The diversified product portfolio includes bio-based chemicals, sugar, rectified spirits, ethanol, other types of alcohol and electricity.

Equirus Capital and JM Financial are the leading lead managers on this issue.

(Only the headline and image of this report may have been revised by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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