Mrs Bectors Food files draft papers for ₹550 crore IPO1 min read . Updated: 20 Oct 2020, 04:43 PM IST
- SBI Capital Markets, ICICI Securities and IIFL Securities will manage the company's IPO
- Net proceeds of the issue would be utilised for financing the project cost towards expansion of the Rajpura manufacturing facility
Biscuit maker Mrs Bectors Food Specialities has filed draft papers with markets regulator Sebi to raise ₹550 crore through an initial share-sale.
The IPO comprises fresh issuance of shares worth ₹50 crore and offer of sale to the tune of ₹500 crore by existing shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi.
Linus Private Limited, Mabel Private Limited , GW Confectionary Pte Ltd and GW Crown Pte Ltd will be offering stocks in the initial share-sale.
Net proceeds of the issue would be utilised for financing the project cost towards expansion of the Rajpura manufacturing facility by establishing a new production line for biscuits and for general corporate purpose.
In addition, the company aims to achieve the benefit of listing on the stock exchanges.
Mrs Bectors Food manufactures and markets a range of products such as biscuits, breads and buns.
It markets a wide variety of biscuits and bread under the flagship brand 'Mrs Bector's Cremica' and the 'English Oven' respectively.
Earlier in 2018, the company had filed draft papers with Sebi seeking to raise ₹800 crore through IPO and had obtained the regulator's approval to float the public issue.
Although, the company could not launch the initial share-sale due to averse market conditions, merchant bankers said.
This story has been published from a wire agency feed without modifications to the text.