The IPO comprises Fresh Issue of upto 40 million shares and an Offer for Sale of upto 8 million shares by the selling shareholders
FinTech BizNews Service
Mumbai, January 4, 2024: Ahmedabad-based Sanstar Limited, one of the major manufacturers of plant-based specialty products and ingredient solutions in India files DRHP with SEBI for IPO*
Sanstar is the 3rd largest manufacturer of Maize based Speciality Products and Ingredient Solutions in India with an installed capacity of 1,100 tons per day through two state of the art manufacturing facilities at Dhule in Maharashtra and Kutch in Gujarat.
The IPO comprises Fresh Issue of upto 40 million shares and an Offer for Sale of upto 8 million shares by the selling shareholders.
The Fresh Issue proceeds upto ? ~182 crores would be utilised for funding the capital expenditure requirement for expansion of the Dhule facility while upto ? 100 crores of Net Proceeds would be utilised for repayment and/or pre-payment of certain borrowings. Balance Net Proceeds would be utilised for General Corporate Purposes and Issue Expenses.