 "Seafoods")
Seafood products exporter Sandhya Marines has filed draft papers with capital markets regulator Sebi to float an initial public offer.
The IPO comprises fresh issue of shares worth Rs 3 billion and an offer for sale of up to 1.26 crore equity scrips by the existing shareholders -- K V Prasad, K Suryanarayanamma, K Anand Kumar and K Arun Kumar, as per the draft papers filed with Sebi.
Proceeds from the issue will be utilised towards setting up of a new shrimp processing unit as well as new aqua-feed mill facility; establishing a new corporate office; repayment of certain indebtedness; and for general corporate purposes.
Karvy Investment Banking and SBI Capital Markets will manage the company's initial public offer (IPO).
Established in 1987, Sandhya Marines is product-focused company that exports a range of value added frozen seafood products.
