SEBI Grants Approval to Knack Packaging Ltd. for IPO Launch
In a significant development, Knack Packaging Ltd. has received the go-ahead from the the Securities and Exchange Board of India (SEBI) to mobilize funds through its Initial Public Offer (IPO).
Obtaining SEBI’s observation letter officially signals the green light to proceed with the public issue. According to the Draft Red Herring Prospectus (DRHP).Breakdown of the Proposed IPO:
This IPO includes a fresh issue of 2.24 crore equity shares aggregating to ₹380.00 crores and an offer for sale (OFS) of 0.35 crore equity shares worth ₹59.50 crores.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Partial funding of capital expenditure towards setting up of new manufacturing facility at Borisana situated at Kadi, Mehsana, Gujarat. | 320.00 |
| 2 | General Corporate Purposes | |
| Total | 320.00 |
