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Apex Foods raises Rs 43 crore from investors

Apex Frozen Foods secures an investment of Rs 43 crore from its existing investors before IPO hits the market.
BY BEx Bureau
Aug 22, 2017

The company stated that they have managed to raise Rs 43.57 crore by issuing 24.90 lakh equity share at Rs 175 per share to investors.

These investors are Reliance Capital Trustee Company Ltd, HSBC Midcap Equity Fund, HSBC India Opportunities fund and ITPL.

The company aims to raise capital of Rs 152 crore via IPO and the same will launch tomorrow. The closing for the same will be on August 24. The issue offer includes 87 lakh equity shares at a price band of 171-175 per share with the face value of Rs 10.

From the total issue, new shares will be amounting 72.50 lakh and share on sale by promoters are 14.50 lakh shares.

It is being analysed that the highest that the IPO could help the company raise Rs 152.25 crore and lower limit for the same are Rs 148.77 crore.

The company has also planned to use the secured amount for setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh. Also the raised funds will be used for general purposes too.

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