Pharma company Innova Captab files draft papers with Sebi for IPO funding
Pharmaceutical company Innova Captab Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP).
As part of the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gian Parkash Aggarwal will sell 32 lakh shares each.
At present, promoters -- Manoj and Vinay -- hold 39.66 per cent and 30.08 per cent stake, respectively, in the company, while Gian owns a 30.23 per cent holding in the pharma firm.
Besides, the company may consider pre-IPO placement of equity shares aggregating up to Rs 80 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.
Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore will be utilised for payment of loans availed by its subsidiary, UML, and Rs 90 crore for funding working capital requirements.
