Sai Parenterals has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).
The offer, with a face value of ₹5 per equity share, comprises a fresh issue of up to ₹285 crore and an offer for sale of up to 3,500,000 shares by shareholders.
The shareholders are Vikasa India EIF I Fund, Tilokchand Punamchand Ostwal, Devendra Chawla, Bhanwar Lal Chandak, Sreelekha Ganta, Padma Guntupalli, Vijay Gondi, Ideas And Journeys Private Limited, Bhautik Mukund Shah and Nilesh Pravinchandra Doshi.
The proceeds from its fresh issuance worth ₹110.7 crore will be utilised for capacity expansion and upgradation of manufacturing facilities, ₹18 crore for establishing a new R&D centre, ₹20 crore for repayment / prepayment of certain outstanding borrowings, ₹33 crore for working capital requirements and ₹36 crore investment in wholly owned subsidiary, Sai Parenterals Pte.