Keventer Agro, a flagship company of Kolkata-based Keventer Group on Tuesday filed its draft red herring prospectus (DRHP) with the market regulatory body Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO will consist of a fresh issue of ₹350 crores and an offer for sale (OFS) of up to 10.77 million shares by Mandala Swede SPV that holds a 6.16% stake in the firm, LiveMint reported. ICICI Securities, Axis Capital, and JM Financial will be participating in the bidding.
“OFS includes 15.35 million compulsory convertible preference shares, which will be converted up to a maximum of 9.15 million shares before the filing of the red herring prospectus with the RoC, solely for the offer”. The company stated in the DRHP.
The company stated that the proceeding from the IPO will be used for repayment of certain borrowings availed by our Company, funding capital expenditure requirements of the company, and for general corporate purposes.
According to LiveMint, the Keventer is an FMCG company with an interest in packaged, dairy, and fresh food products. Its franchised brands include Frooti, Appy, Appy Fizz, and Bailey in pact with Parle Agro. It has frozen food, UHT milk, milkshakes, and bananas under the Keventer brand.
