The Rs.1,150 crore initial public offering (IPO) of Coffee Day Enterprises Ltd. proceeded further, with market's regulator issuing its observations on the proposed issue.
According to Securities and Exchange Board of India (SEBI), it has issued its observations on the draft red herring prospectus of Coffee Day Enterprises on August 14.
The company is into coffee cafe outlets as well as non-coffee business.
According to the draft red herring prospectus, the company would deploy the Rs.1,150 crore raised on debt repayment (Rs.632.80 crore) and the balance on setting up of new outlets, manufacturing and assembling of vending machines, refurbishment of existing cafe network and vending machines, setting up of new coffee roasting plant along with integrated coffee and tea packing facilities and to meet the issue expenses.
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