Prabhat Dairy has received the approval of capital markets regulator Sebi to raise at least Rs 300 crore through an initial public offer (IPO).
With this, the number of firms receiving Sebi's green signal for IPO since the beginning of the year has reached 19.
The company had filed draft red herring prospectus (DRHP) with Sebi through its lead merchant banker Edelweiss Financial Services in March.
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Securities and Exchange Board of India (Sebi) issued its final 'observations' on the draft offer documents on June 8, which is necessary for companies to launch any public offer.
Prabhat Dairy, an integrated milk and dairy products company, plans to garner up to Rs 300 crore by issuing fresh equity shares and offer for sale of up to 1.47 crore equity scrips, as per the draft paper.
The proceed of the issue would be utilised towards payment of loans, to meet capital expenditure and for other general corporate purposes.
The regulator, so far this month, has given nod to five companies to launch IPOs. However, these companies are yet to launch their public offers.
Apart from Prabhat Dairy, other firms are Syngene International, research arm of biotechnology major Biocon; infrastructure firm Dilip Buildcon,; Kalpataru Power Transmission's subsidiary Shree Shubham Logistics and Amar Ujala Publications, which publishes Hindi daily Amar Ujala.
