Prasol Chemicals IPO: Firm files draft papers with Sebi to raise Rs 800 crore
Zee News
The Prasol Chemicals IPO comprises fresh issue of equity shares aggregating up to Rs 250 crore.
New Delhi: Specialty chemical company Prasol Chemicals has filed preliminary papers with capital markets regulator Sebi to raise as much as Rs 800 crore through an initial share-sale.
The IPO comprises fresh issue of equity shares aggregating up to Rs 250 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).
The company may consider a further issue of equity shares aggregating up to Rs 50 crore. If such placement is completed, the fresh issue size will be reduced.
As per market sources, the company is likely to raise around Rs 700-800 crore.
The proceeds from the fresh issue to the tune of Rs 160 crore will be used for payment of debt and Rs 30 crore for working capital requirements. Besides, funds will be used for general corporate purposes.
