By: ICN Bureau
Last updated : October 19, 2024 2:54 pm
The company intends to utilize the Net Proceeds towards repayment/pre-payment
Godavari Biorefineries Limited, a leading manufacturer of bio-based chemicals and ethanol, has announced to open its Initial Public Offer of equity shares (Offer) on Wednesday, October 23, 2024.
The Offer comprises of fresh issue of such number of Equity Shares aggregating up to Rs. 325 crore (Fresh Issue) and offer for sale of up to 65.27 lakh equity shares.
The price band of the Offer has been fixed at Rs. 334 to Rs. 352 per Equity Share (Price Band). Bids can be made for a minimum of 42 equity shares and in multiples of 42 Equity Shares thereafter (Bid Size).
The company intends to utilize the Net Proceeds towards repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company, estimated to be Rs. 240 crore and balance amount of the net proceeds towards general corporate purposes.
The offer for sale comprises of up to 500,000 equity shares by Somaiya Agencies, up to 500,000 equity shares by Samir Shantilal Somaiya, up to 200,000 equity shares by Lakshmiwadi Mines and Minerals; up to 300,000 equity shares by Filmedia Communication Systems, up to 100,000 equity shares by Somiya Properties Investment and up to 4,926,983 equity shares by Mandala Capital AG.
Equirus Capital Private Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.