Allied Blenders and Distillers refiles IPO papers with SEBI; reduces issue size to ₹1,500 crore

livemint.com:

₹2,000 crore. Allied Blenders and Distillers IPO consists of a fresh issue of equity shares aggregating up to 1,000 crore and an offer-for-sale (OFS) aggregating up to ₹500 crore, as per company's DRHP dated January 15.

Also Read: Allied Blenders files draft papers to raise ₹2K cr in IPO In accordance with the DRHP, the company plans to use the net proceeds to finance the following goals such as to meet general corporate objectives; prepayment or planned repayment of a part of certain existing borrowings that the company has obtained. In the OFS, promoters Bina Kishore Chhabria and Resham Chhabria Jeetendra Hemdev would sell shares valued at ₹250 crore and ₹125 crore, respectively.

Another member of the promoter group, Neesha Kishore Chhabria, plans to sell shares in the OFS for ₹125 crore. From the ₹1,000 crore stated in the previous DRHP the company submitted with the SEBI, the OFS size has been slashed in half to ₹500 crore.

Further, the OFS component was reduced by all three promoters to half. Also Read: New Swan Multitech IPO allotment finalised; GMP rises, steps to check New Swan IPO allotment status "Exciting news! Mint is now on WhatsApp Channels