Madhya Pradesh-based Shree Tirupati Balajee Agro Trading Company has filed its red herring prospectus (RHP) with SEBI, aiming to raise Rs 169.65 crore through an initial public offering (IPO). The IPO will open for subscription on September 5 and close on September 9, with the anchor book set to open on September 4.
The offer consists of fresh issue of 1.47 crore equity shares aggregating Rs 122.42 crore and an offer-for-sale of 0.569 million shares aggregating Rs 47.23 crore, by promoter Binod Kumar Agarwal, who is currently holding 88.38% stake in the company. The price band of the issue has been fixed at Rs 78-83 per share.
Shree Tirupati Balajee Agro, the FIBC and other industrial packaging products manufacturer, proposes to utilize Rs 52.27 crore from the fresh issue towards debt repayment. On a consolidated basis, the subsidiaries-heavy company posted a net profit of Rs 36.1 crore for FY24, up 74.1% over the previous fiscal year.
While PNB Investment Services is the sole book-running lead manager for the IPO, Link Intime India is acting as registrar for the issue.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
