Organic food products firm Sresta Natural Bioproducts Ltd. has filed draft red herring prospectus with capital markets regulator SEBI for an initial public offering (IPO).
The Hyderabad-based firm, which is behind the 24 Mantra brand, has proposed an IPO comprising fresh issue of equity shares aggregating up to ₹50 crore and an offer sale of upto 70.3 lakh equity shares by the selling shareholders, including Peepul Capital Fund III LLC (upto 22.50 lakh shares); and Ventureast Life Fund III LLC, Ventureast Trustee Company (on behalf of the Biotechnology Venture Fund and Ventureast Life Fund III), who together plan to sell nearly 47.80 lakh shares.
The company plans to utilise the net proceeds from the fresh issue towards funding working capital requirements, repay or pre-pay in full or part certain outstanding unsecured/secured borrowings and for general corporate purposes.
Incorporated in 2004, Sresta Natural Bioproducts is in the business of procuring, processing, manufacturing, marketing and research and development of organic food products.
