Mumbai: Rossari Biotech , a leading specialty chemical maker, has received approval from The Securities and Exchange Board of India ( Sebi ) for its initial public offer.The company had filed DRHP with Sebi on December 18. The IPO comprises a fresh issue of Rs 150 crore and offer for sale (OFS) of up to 1,05,00,000 equity shares of a face value Rs 2 each. Market sources have pegged the issue size at around Rs. 700 crore.Rossari Biotech intends to utilise the funds for capex and payment of debt. ICICI Securities and Axis Capital are lead managers for the share sale.The company had reported profit of Rs 31.90 crore for the six-month period ended September 30, on an operating revenue of Rs 278.14 crore.
Source: Economic Times February 25, 2020 14:15 UTC