According to the Draft Red Herring Prospectus (DRHP), fresh shares worth Rs 400 crore will be issued under the IPO of Innova Captab.
Innova Captab IPO: Pharmaceutical company Innova Captab Limited is going to launch its Initial Public Offer (IPO). The company has filed a draft paper with the market regulator SEBI. According to the Draft Red Herring Prospectus (DRHP), fresh shares worth Rs 400 crore will be issued under this IPO. In addition, 96 lakh equity shares will be sold under the offer for sale (OFS) by the promoters and other shareholders.
GST News: Proposal to increase rate on online gaming postponed, industry of 30 thousand crores expressed this apprehension
IPO related details
As part of the OFS, promoters Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gyan Prakash Agarwal will sell 32-32 lakh shares each. Presently, promoter Manoj holds 39.66 per cent and Vinay 30.08 per cent in the company, while Gyan holds 30.23 per cent stake in the company. In addition, the company may consider pre-IPO placement of equity shares up to Rs 80 crore. If this placement is completed, the size of the new issue will be reduced.
Where will the funds be used
Of the funds raised through the IPO, Rs 180.5 crore will be used to pay off the debt. 29.5 crores will be used to repay the loan taken by its subsidiary company UML. Along with this, Rs 90 crore is planned to be used for working capital requirements.
Motorola G42 will be launched in India on July 4, will get amazing features at a low price with 50MP camera
Know about the company
Innova Captab is an integrated pharmaceutical company of India. The company has a presence in the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports. The company’s business includes providing research, product development and manufacturing services to Indian Pharmaceutical Firms, Domestic Branded Generics as well as International Branded Generics business. It has two manufacturing facilities in Baddi, Himachal Pradesh. ICICI Securities Limited and JM Financial Limited have been appointed as merchant bankers to manage the company’s IPO.
(Input-PTI)