Sanstar recordsdata IPO papers with SEBI
Ahmedabad-based Sanstar, which specialises in plant-based merchandise, has filed preliminary papers with the Securities and Trade Board of India (SEBI) for elevating funds by an preliminary public providing (IPO). The agency is trying to increase round Rs 375-425 crore by the provide, sources advised Moneycontrol.
The IPO might be a mixture of recent problem of 4 crore shares and an offer-for-sale (OFS) of 80 lakh shares by the Chowdhary household.
The corporate may additionally contemplate elevating funds by personal placement, rights problem, or preferential problem of as much as 40 lakh fairness shares earlier than submitting the purple herring prospectus. If the corporate manages to boost funds in pre-IPO placement, the recent problem measurement might be diminished.
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Sanstar , which manufactures plant-based speciality merchandise and ingredient options for meals, animal diet and different industrial purposes, goes to spend Rs 181.55 crore on the growth of its Dhule facility and repay debt of Rs 100 crore. The corporate’s excellent borrowings stood at Rs 120.52 crore as of December 15.
The remaining recent problem cash might be put aside for common company functions.
With the put in capability of three.63 lakh tonnes every year, Sanstar is the third largest producer of maize-based speciality merchandise and ingredient options in India. It has two manufacturing amenities at Dhule in Maharashtra and Kutch in Gujarat.
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Sanstar reported web revenue of Rs 40.74 crore for the 12 months ended March FY23, up from Rs 15.92 crore within the earlier 12 months. Income rose to Rs 759.7 crore, up from Rs 504.4 crore. For the six months interval ended September FY24, it registered web revenue of Rs 21.82 crore on income of Rs 375.4 crore.
Pantomath Capital Advisers is the service provider banker to the difficulty.
