Heranba Industries gets Sebi's go ahead to launch IPO

Agrochemical manufacturer Heranba Industries has received capital markets watchdog Sebi's go-ahead to float an initial public offering.

The initial share-sale consists of fresh issue of equity shares to the tune of Rs 60 crore and an offer for sale of 90,15,000 equity shares by existing shareholders, as per the draft papers red herring prospectus.

Heranba Industries, which filed its preliminary papers with Sebi in late September, obtained the regulator's observation on November 27, an update by the capital markets watchdog showed on Tuesday.

Sebi's observation is very necessary for any company to launch public issues like initial public offer, follow-on public offers and rights issue.

The company is engaged in the business of manufacturing and marketing a range of agrochemicals.

Proceeds of the fresh issue would be used to fund working capital requirements, expenditures towards general corporate purposes, and meet public issue expenses.

The issue is being managed by Emkay Global Financial Services Limited and Batlivala & Karani Securities India Private Limited.

Equity shares of the company will be listed on the BSE and the NSE.