Live
- G20 Leaders Will Talk About Climate, Taxes, and Trump's Return in Brazil
- COP29: CDRI announces $8 million funding for 12 projects to address climate crisis
- Anti-Telgu remarks: Actor Kasthuri Shankar moves court for bail
- Samsung AR Smart Glasses Set to Launch in 2025, Featuring Ray-Ban Meta-Like Design
- Kerala Industries Minister confident that new policy will boost plantation sector
- Madras HC plans inter-departmental monitoring committee to combat drug use in TN
- Bihar: Spotted deer dies due to heart attack in Banka district
- Mushtaq Ali T20: Shami to spearhead Bengal bowling attack, Gharami named captain
- Kharge's clarion call to oust Maharashtra's BJP-backed MahaYuti
- Why Ukraine’s Use of US Missiles Against Russia Could Lead to World War 3
Apex Frozen Foods to raise up to 152 cr
Kakinada-based Apex Frozen Foods, which is in the business of aquaculture products, will hit the capital market on August 22 with its initial public offer (IPO) to raise up to Rs 152 crore for expansion.
Hyderabad: Kakinada-based Apex Frozen Foods, which is in the business of aquaculture products, will hit the capital market on August 22 with its initial public offer (IPO) to raise up to Rs 152 crore for expansion.
The IPO of up to 87,00,000 equity shares of face value of Rs 10 each will be offered through a book-building route at a price-band of Rs 171-175 per share. At the upper end, the shares can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.
The issue will comprise of fresh issue of 72,50,000 shares and an offer for sale of 14,50,000 shares by promoters. The IPO will open for public subscription on August 22 and close on August 24 with subscription for anchor investors opening on August 21. The shares will be listed on NSE and BSE.
The company’s total revenues grew to Rs 709.68 crore in the 2016-17 fiscal from Rs 255.48 crore in 2012-13. It has a sizeable farming operation spread across 1,337.69 acres land.
“We will use the net proceeds from fresh issue of shares towards the setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.
We will invest Rs 90 crore on the new plant which will also produce read-to-eat products,” Choudary Karuturi, Executive Director, Apex Frozen Foods, told the media here on Friday. The company’s existing processing facility is located at Kakinada, Andhra Pradesh with a capacity of over 9,240 tonnes per annum of finished products.
