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Neogen Chemicals files IPO papers with Sebi

Press Trust of India  |  New Delhi 

Chemicals has filed draft papers with capital markets regulator Sebi to float an

The initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company's promoters, according to the draft red herring (DRHP) filed with Sebi.

Chemicals is a leading manufacturer of

Proceeds of the issue will be utilised towards repayment of certain borrowings availed by the company, long-term working capital, and for

"Our company expects to receive the benefits of listing of equity shares on stock exchanges, including among other things, enhancing the visibility of our brand and company," as per the draft papers.

and will manage the company's initial public offer (IPO).

The equity shares are proposed to be listed on BSE and NSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 18:40 IST