Hexagon Vitamin has obtained capital markets regulator Sebi’s approval to boost as much as Rs 600 crore by means of an preliminary public providing (IPO).
The corporate’s public subject consists of a contemporary subject of fairness shares aggregating to Rs 100 crore, and a suggestion on the market (OFS) of as much as 30,113,918 fairness shares, based on the draft pink herring prospectus (DRHP).
The OFS contains sale of as much as 77 lakh shares by Arun Purushottam Kelkar, as much as 61.36 lakh shares by Subhash Purushottam Kelkar, as much as 15 lakh shares by Anuradha Arun Kelkar, as much as 25 lakh shares by Nutan Subhash Kelkar, as much as 1.22 crore shares by Somerset Indus Healthcare Fund I Ltd and as much as 73,668 shares by Mayur Sirdesai.
Hexagon Vitamin, which filed preliminary IPO papers with Sebi in December 2021, obtained its observations letter on March 4 2022, an replace with the regulator confirmed on Monday.
In Sebi’s parlance, its remark implies its go-ahead to drift the preliminary share-sale.
As per market sources, the problem dimension might be roughly within the vary of Rs 500-600 crore.
Proceeds from contemporary issuance might be used for debt funds, funding incremental working capital necessities, supporting capital expenditure for increasing an current facility, funding in subsidiary and financing capital expenditure on the current facility and normal company functions.
Mumbai-based Hexagon Vitamin is a totally built-in firm engaged in product improvement and advertising, together with analysis and improvement and diet manufacturing.
Based by Arun and Subash Kelkar in 1993, Hexagon Vitamin began as a micro-nutrient formulations participant, and at present it has moved up the worth chain to develop manufacturers like Pentasure, Obesigo and Pediagold, that are main names within the well being, wellness and medical diet area.
In 2016, offshore personal fairness agency Somerset Indus Healthcare Fund-I, together with Mayur Anand Sardesai, an advisor and director at Somerset Well being Capital Advisors, had invested Rs 25 crore for a ten per cent stake within the firm.
Hexagon Vitamin had arrange a buying and selling firm in South Africa in 2019 and has plans to construct a facility there. The corporate can be organising a manufacturing facility in Uzbekistan that’s anticipated to start operations by the primary quarter of 2022.
Equirus Capital and SBI Capital Markets are the e book operating lead managers to the problem.
(Solely the headline and film of this report might have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)
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