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Allied Blenders, Vraj Iron get SEBI’s go ahead for IPO

by Tradinghow
May 15, 2024
in Economy, Stock Trading
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Allied Blenders, Vraj Iron get SEBI’s go ahead for IPO
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Mumbai-based Allied Blenders and Distillers and Chhattisgarh-based Vraj Iron and Steel have received green signal from the Securities and Exchange Board of India (SEBI) to go ahead with IPO.

The Indian-made foreign liquor (IMFL) maker eyes ₹1,500-crore initial public offering (IPO) that comprises a fresh issue worth ₹1,000 crore and an offer-for-sale of up to ₹500 crore by promoters. The offer-for-sale comprises up to ₹250 crore by Bina Kishore Chhabria, ₹125 crore by Resham Chhabria Jeetendra Hemdev and ₹125 crore by Neesha Kishore Chhabria. The offer also includes a reservation for subscription by eligible employees.

The company had re-filed its IPO papers with the SEBI in January.

From the proceeds, ₹720 crore will be utilised for pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company and for general corporate purposes.

ABD, that started with Officer’s Choice Whisky in the mass premium segment, has expanded and introduced products across various categories and segments. The company has shifted its focus from mass premium whisky segment to premiumisation, with the launch of brands like ICONiQ White Whisky, Srishti Whisky and X&O Barrel Whisky.

ICICI Securities Ltd, Nuvama Wealth Management Ltd and ITI Capital Ltd are the book-running lead managers, and Link Intime India Pvt Ltd is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB

The proposed IPO of Vraj Iron and Steel is entirely a fresh issue worth ₹171 crore.

The company will use the IPO proceeds for funding Capital Expenditure towards the “Expansion Project” at Bilaspur Plant and general corporate purposes.

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Published on May 14, 2024





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