Friday, March 17, 2017

Shankara Building Products planning to reduce its debt further post #IPO

Price Band for the Shankara Building Products IPO is fixed at Rs. 440 to Rs. 460 per Equity Share. The Offer will constitute at least 25% of the post Offer paid-up Equity Share capital of the Company.The Offer is being made through the Book Building Process.

The company expects to raise about Rs.45 crore by selling new shares, existing investor Fairwinds Trustees of Reliance PE will sell 5.7 million equity shares. Founder and managing director Sukumar Srinivas will sell 816,252 shares through the offer for sale (OFS) route.Shankara Building plans to use Rs.38 crore to retire debt and the rest for expansion of its retail network.