Hyderabad-based Sresta Natural Bioproducts files DRHP with SEBI
Hyderabad: Sresta Natural Bioproducts, which owns the packaged organic food brand, 24 Mantra, has filed draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).
The IPO of the Hyderabad-based organic food company comprises fresh issue of equity shares aggregating up to Rs 50 crore and an offer sale of up to 70.3 lakh equity shares by the selling shareholders.
The company proposes to use the net proceeds from the fresh issue towards funding the working capital requirements of the company, repayment or pre-payment in full or part of certain outstanding unsecured and secured borrowings availed by the company.
Incorporated in 2004 by one of its promoters and Managing Director Rajashekar Reddy Seelam, Sresta is engaged in the business of procuring, processing, manufacturing, marketing and research and development of organic food products.
As of September 2021, the company has a presence in 34 countries.
The book running lead managers to the offer are JM Financial Limited and Axis Capital. The equity shares are proposed to be listed on BSE and NSE, release said.
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