Godavari Biorefineries files DRHP with SEBI to raise ₹325 crore via fresh issue; Check IPO details
₹325 crore and an Offer-for-Sale (OFS) of 65.27 lakh equity shares by promoters and an investor according to the draft red herring prospectus (DRHP).Private equity firm Mandala Capital AG Ltd is offloading 49.27 lakh shares through the OFS route.Proceeds from the fresh issue to the tune of ₹240 crore will be used for debt payment and the remaining amount for general corporate purposes.The Maharashtra-based Godavari Biorefineries is one of the prominent manufacturers of ethanol-based chemicals in India.The company's diversified product portfolio comprises bio-based chemicals, sugar, different grades of ethanol and power. These products find application in a range of industries such as food, beverages, pharmaceuticals, flavours & fragrances, power, fuel, personal care and cosmetics.According to Frost & Sullivan Report, the bio-based chemicals market has been growing exponentially owing to the increasing need for environmentally sustainable solutions.
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