Sigachi Industries announces launch of initial public offering
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Sigachi Industries Ltd. has announced public offering of 7695000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 153.00 per share. The gross proceeds of the issue are expected to be Rs 12,542.85 lakhs. The company's initial public offer (IPO) will open on 01 November 2021 and is expected to close on 03 November 2021, subject to customary closing conditions.
The price band of the issue has been fixed at Rs 161.00-163.00 per share. The IPO includes a fresh Issue of 7695000 Equity Shares of the Company at an price of Rs 163.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 90 shares with bids in multiples of 90. Sigachi Industries Ltd. anticipates using the proceeds of the issue for a for expansion of production capacity for microcrystalline cellulose (“MCC) at Dahej, Gujaratb for expansion of production capacity for microcrystalline cellulose (“MCC) at Jhagadia, Gujaratc to manufacture Croscarmellose Sodium (“CCS), a modified cellulose used as excipient at Kurnool, Andhra Pradesh General Corporate Purposes. Unistone Capital Private Limited as lead manager & Bigshare Services Pvt. Ltd. is the registrar, to the issue.
