09 Mar , 2021 By : kanchan Joshi
MUMBAI: Laxmi Organic Industries Ltd has fixed the price band of its Rs. 600 crore initial public offering (IPO) at Rs.129-130 a share.
The company said that it is in consultation with book running lead managers for pre-IPO placement by issuing 15.50 million equity shares aggregating up to Rs.200 crore.
The offer comprises a fresh issue of equity shares aggregating up to Rs.300 crore and an offer for sale of up to Rs.300 crore by its existing promoters and shareholders.
The issue will open on 15 March and close on 17 March.
Axis Capital, DAM Capital are the book running lead managers to the issue.
Proceeds from the issue will be used to set up a manufacturing facility of fluorospecialty chemicals, working capital requirements, purchase of plant and machinery, repayment of certain outstanding, upgrading existing units, and general corporate purposes.
As of January this year, its total consolidated outstanding borrowings stood at Rs244.75 crore.
Laxmi Organics is a leading manufacturer of acetyl intermediates and specialty intermediates.
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