Parag Milk Foods is coming out with a 100% book building; initial public offering (IPO) to raise Rs 300 crore in fresh capital. The firm has priced the offer in a band of Rs 220-227 per equity share. The issue will open for subscription on May 4, 2016 and will close on May 6, 2016. The shares will be listed on BSE as well as NSE. The face value of the share is Rs 10 and is priced 22 times of its face value on the lower side and 22.70 times on the higher side.
The company will use the issue proceed for meeting the capital expenditure requirements in relation to expansion and modernisation of existing manufacturing facilities of the company at Manchar (the - Manchar Facility) and Palamaner (the - Palamaner Facility), and improving the marketing or distribution infrastructure (the - marketing infrastructure and together with the capital expenditure requirements for the expansion and modernisation of the Manchar Facility and the Palamaner Facility, the -Expansion and Modernisation Plan); investment in subsidiary for financing the capital expenditure requirements in relation to the expansion and modernisation of the Bhagyalaxmi Dairy Farm; partial repayment of the working capital consortium loan; and general corporate purposes.
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