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Rossari Biotech gets Sebi nod for Rs 700 crore IPO

Rossari Biotech gets Sebi nod for Rs 700 crore IPO

Rossari Biotech gets Sebi nod for Rs 700 crore IPO
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By CNBC-TV18 Feb 26, 2020 8:20:29 AM IST (Published)

The IPO consists of fresh issuance of shares to the tune of Rs 150 crore and an offer-for-sale of 1.05 crore equity shares by the company's promoters, according to the draft prospectus filed with the regulator.

Specialty chemical maker Rossari Biotech has received market regulator Securities & Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO).

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Market sources said the IPO size will be worth Rs 700 crore.
The IPO consists of fresh issuance of shares to the tune of Rs 150 crore and an offer-for-sale of 1.05 crore equity shares by the company's promoters, according to the draft prospectus filed with the regulator.
The company had filed its draft IPO papers with the capital markets watchdog in December 2019 and obtained its final observations on February 20.
The net proceeds from the issue are proposed to be utilized for funding working capital requirements, repaying certain indebtedness availed by the company and for general corporate purposes.
Axis Capital and ICICI Securities are the merchant bankers for the share-sale. The equity shares will be listed on the NSE and BSE.
Rossari Biotech is a specialty chemical manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products. Apart from India, it has operations in 17 countries including Vietnam, Bangladesh and Mauritius.
 
(With inputs from PTI)
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