Godavari Biorefineries Limited, integrated bio-refinery in India and one of the largest producers of ethanol and pioneer in manufacturing ethanol-based chemicals in India has filed its Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India. The equity shares are proposed to be listed on BSE and NSE.
The company may consider a pre-IPO placement of up to Rs 100 crore. If such placement is completed, the fresh issue size will be reduced.
The company plans to raise funds via Initial Public offerings through fresh issue aggregating up to Rs. 370 crores and an offer for sale (OFS) cof 65,58,278 equity shares by promoters and investors.
The OFS consists of sale of 5 lakh equity shares each by Samir Shantilal Somaiya and Somaiya Agencies, up to 49.27 lakh by Mandala Capital, up to 3 lakh equity shares by Filmedia Communication Systems, up to 1.31 lakh equity shares by Somaiya Properties and Investments and up to 2 lakh equity shares by Lakshmiwadi Mines and Minerals.
The OFS comprises up to 5 lakh equity shares by Samir Shantilal Somaiya; 5 lakh equity shares by Somaiya Agencies Private Limited, 49.27 lakh by Mandala Capital AG Limited, up to 3 lakh equity shares by Filmedia Communication Systems, 1.31 lakh equity shares by Somaiya Properties and Investment Private Limited and up to 2 lakh equity shares by Lakshmiwadi Mines and Minerals Private Limited.
The company proposes to utilise net proceeds from the issue towards funding repayment/pre-payment, in full or in part, of certain borrowings availed by the company up to an estimate amount of Rs. 214 crore. It will use Rs. 44.84 crore to fund capital expenditure for sugarcane crushing expansion, and Rs 10.6 crore to funding capital expenditure for the potash unit. The balance amount for general corporate purpose.
Godavari Biorefineries Limited has diversified product portfolio comprising bio-based chemicals, sugar, rectified spirits, ethanol, other grades of alcohol and power, which are used in a range of industries.
Lead Managers to the offer are Equirus Capital Private Limited and J M Financial Limited.
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