Manpasand Beverages debt-free after repaying Rs101 crore: Dhirendra Singh
Manpasand Beverages used funds from initial public offering to clear debts, says its chairman Dhirendra Singh
Vadodara: Fruit juice maker Manpasand Beverages Ltd has become debt-free after repaying its obligation of Rs.101 crore, its chairman and managing director Dhirendra Singh said on Tuesday.
“Manpasand has became a completely debt-free company by pre-paying its outstanding debt from the IPO (initial public offering) proceeds and internal accruals,” Singh said.
The Rs.400 crore IPO of Manpasand Beverages in June 2015 was oversubscribed 1.39 times.
The company used funds for its expansion, including building a new manufacturing unit, and utilized around Rs.153 crore for setting up of a new manufacturing facility in Haryana, he said.
During the third quarter of this fiscal, the company entered into a tie-up with German wholesale retail and trading major Metro AG. The company is exploring more such tie-ups to increase its urban market penetration, Singh said.
Manpasand’s IPO price band was Rs.290-Rs.320, and it had received bids for 1.05 crore equity shares against issue size of 75.86 lakh shares, excluding anchor book.
The company reported a net profit of Rs.4.92 crore for the third quarter ended December, as against a net loss of Rs.2.59 crore in the corresponding period last fiscal. PTI
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