Parag Milk Foods and Maini Precision Products have filed draft papers to fund business expansion with capital markets regulator Sebi.
Parag Milk Foods
The public issue of Parag Milk Foods consists of a fresh issue of equity shares worth Rs 325 crore and an offer for sale of up to 19,850,000 equity shares. The net proceeds are to be utilised to meet the capital expenditure requirements for expansion and modernisation of existing manufacturing facilities at Manchar and Palamaner.
Apart from this, the proceeds will be used for financing the capital expenditure requirements in relation to the expansion and modernisation of the Bhagyalaxmi Dairy Farm, for partial repayment of the Working Capital Consortium Loan and for general corporate purposes.
The Book Running Lead Managers for Parag Milk IPO are Kotak Mahindra l, JM Financial Institutional Securities, IDFC Securities and Motilal Oswal Investment Advisors. The Promoters of the company are Mr Devendra Shah, Mr Pritam Shah and Mr Parag Shah.
Maini Precision Products
The Bangalore-based Maini Precision Products is a diversified manufacturer and supplier of high precision components and assemblies, caters to a global clientele in the automotive and industrial and aerospace sectors.
The company is an end-to-end solutions provider engaged in process design, engineering, manufacturing, testing, and supply of a variety of precision products and assemblies.
This is the company’s second attempt to go public. Earlier it had filed preliminary IPO papers with Sebi in 2015 and had received the regulator’s approval too to float the public issue but did not go ahead with the plan.
Under the Maini Precision Products’ IPO, there would be a fresh issue of equity shares worth Rs 50 crore. Besides, an offer for sale of up to 10 lakh equity shares each would be made by Sudarshan Kumar Maini and Reva Maini who are the promoters. The other promoters are Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini
The proceeds of the issue will be utilised for the construction of a new building for a manufacturing facility at Nelamangala, for purchase of machinery, part pre-payment of debt and other general corporate purposes.
The Book Running Lead Managers to this Issue are ICICI Securities and IIFL Holdings. Link Intime India is the registrar to the issue. The equity shares offered through both the issues are proposed to be listed on the BSE and the NSE.
The initial public offering (IPO) comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale of 2.55 crore equity shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).
At present, the promoter group holds a 77.13 per cent stake in the company. According to market sources, the public issue is expected to fetch anywhere between Rs 800 crore and Rs 900 crore.
