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Anupam Rasayan Receives SEBI Approval For Rs 760 Crore IPO

By Staff

The Securities and Exchange Board of India (SEBI) has provided approval to specialty chemical company Anupam Rasayan for launching an initial public offering (IPO) to raise Rs 760 crore.

As per the firm, the issue proceeds would be used mainly for repayment of debt worth Rs 556.20 crore. The company had a total debt of Rs 861.58 crore, as of 30 September 2020.

Anupam Rasayan Receives SEBI Approval For Rs 760 Crore IPO

The company, which filed preliminary papers for the IPO (Initial Public Offer) with the watchdog in December, obtained its observation on 26 February 26, as per the latest update from SEBI.

SEBI's observation is necessary for any company planning to launch public issues like IPO, follow-on public offer and rights issue.

The Surat-based company has decided to reserve a portion of the offer for its employees and may consider a discount for eligible staff.

Axis Capital, Ambit Private, IIFL Securities and JM Financial are the merchant bankers for the issue.

The company may consider a further issue, by way of a private placement, of equity shares aggregating up to Rs 100 crore at its discretion. And in case the pre-IPO placement is completed, the issue size will be reduced to the extent of it.

Anupam Rasayan commenced operations in 1984 with conventional products and now it makes specialty chemicals that involve multi-step synthesis and complex chemistries.

Read more about: ipo
Story first published: Wednesday, March 3, 2021, 9:50 [IST]
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