Penver Products files IPO papers

Seafood company Penver Products filed draft papers with markets regulator Sebi to raise funds through an initial public offering. 

Penver's initial share-sale consists of a fresh issue of equity shares aggregating up to Rs 242 crore, besides, an offer for sale of up to 41,08,000 equity shares by the promoters, the company said. 

Proceeds of the fresh issue will be utilised for setting up a new shrimp processing unit, a pre-processing centre and a hatchery facility in Andhra Pradesh. In addition, the funds will be used towards loan payment availed by the company and for other general corporate purposes.