Hexagon Diet has obtained capital markets regulator Sebi’s approval to boost as much as Rs 600 crore by way of an preliminary public providing (IPO).
The corporate’s public difficulty consists of a contemporary difficulty of fairness shares aggregating to Rs 100 crore, and a suggestion on the market (OFS) of as much as 30,113,918 fairness shares, in keeping with the draft crimson 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.
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Hexagon Diet, 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 commentary implies its go-ahead to drift the preliminary share-sale. As per market sources, the problem measurement can be roughly within the vary of Rs 500-600 crore.
Proceeds from contemporary issuance can be used for debt funds, funding incremental working capital necessities, supporting capital expenditure for increasing an present facility, funding in subsidiary and financing capital expenditure on the present facility, and normal company functions.
Mumbai-based Hexagon Diet is a totally built-in firm engaged in product improvement and advertising and marketing, together with analysis and improvement and diet manufacturing.
Based by Arun and Subash Kelkar in 1993, Hexagon Diet began as a micro-nutrient formulations participant, and immediately 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 house.
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 p.c stake within the firm.
Hexagon Diet had arrange a buying and selling firm in South Africa in 2019 and has plans to construct a facility there. The corporate can also be organising a manufacturing unit in Uzbekistan that’s anticipated to start operations by the primary quarter of 2022. Equirus Capital and SBI Capital Markets are the book-running lead managers to the problem.
(Edited by : Jomy Jos Pullokaran)
