Godavari Biorefineries Filed Paperwork With The Securities And Exchange Board Of India (Sebi) For An Initial Public Offering (IPO)
According to the draught red herring prospectus (DRHP), the IPO will include a fresh issuance of equity shares worth Rs 370 crore and an offer of sale (OFS) of 65,58,278 equity shares by promoters and investors.
Godavari Biorefineries has filed preliminary paperwork with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO) (IPO). According to the draught red herring prospectus (DRHP), the IPO will include a fresh issuance of equity shares worth Rs 370 crore and an offer of sale (OFS) of 65,58,278 equity shares by promoters and investors.
The OFS consists of the sale of 5 lakh equity shares each by Samir Shantilal Somaiya and Somaiya Agencies, up to 49.27 lakh by Mandala Capital, up to 3 lakh equity shares by Filmedia Communication Systems, up to 1.31 lakh equity shares by Somaiya Properties and Investments and up to 2 lakh equity shares by Lakshmiwadi Mines and Minerals.
A pre-IPO placement of up to Rs 100 crore may be considered by the company. The size of the new issue will be reduced if this placement is accomplished.
The proceeds will be used to repay a debt, fund capital expenditure for sugarcane crushing expansion, support capital expenditure for the potash facility, and for general corporate objectives. Godavari Biorefineries is one of India's top ethanol producers and a pioneer in the production of ethanol-based compounds. Bio-based chemicals, sugar, rectified spirits, ethanol, additional grades of alcohol, and power are among the company's diverse product offerings.