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Indigo Paints Receives SEBI Approval To Float initial public offering (IPO)

Indigo Paints Receives SEBI Approval To Float IPO

Indigo Paints will use the IPO proceeds to develop its manufacturing facility at Pudukkottai in Tamil Nadu

Indigo Paints has acquired approval from the capital markets regulator SEBI to lift cash by an preliminary public providing (IPO). The Sequoia Capital-backed Indigo Paints had filed its preliminary IPO papers with Sebi in November final yr. The shares of Indigo Paints are prone to be listed on the BSE Sensex and NSE Nifty indices.

The IPO will comprise contemporary issuance of shares aggregating to Rs 300 crore and an offer-for-sale of as much as 58,40,000 fairness shares by personal fairness agency Sequoia Capital, by its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan, in accordance with the corporate’s draft crimson herring prospectus (DRHP) filed with SEBI.

Indigo Paints will use the IPO proceeds to develop its manufacturing facility at Pudukkottai in Tamil Nadu, buy tinting machines and repay / prepay current borrowings.

Kotak Mahindra Capital Firm, Edelweiss Monetary Companies and ICICI Securities would be the e-book operating lead managers to the general public situation.

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Hemant Jalan, Anita Jalan, Parag Jalan, Kamala Prasad Jalan, Tara Devi Jalan and Halogen Chemical compounds are the promoters of Indigo Paints.

Indigo Paints is headquartered in Pune and has three services in Rajasthan, Kerala and Tamil Nadu. It manufactures a variety of ornamental paints similar to enamels, emulsions, wooden coatings, primers and distempers.

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