Ujin Pharma files preliminary papers with SEBI for IPO
Ujin Pharma has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO), in a move to expand its supply chain and chemical processing footprint. The proposed IPO is a combination of a fresh issue of 1.18 crore shares along with an Offer For Sale (OFS) of 72.82 lakh shares by promoters -- Jinesh Rasiklal Sheth and Umang Ketan Mehta.
Of the proceeds from the fresh issue, the company plans to use Rs 61.7 crore and Rs 21.6 crore to invest in its associate firms -- Altra Agro-Chem and Altra Pharma-Chem -- respectively, by subscribing to equity shares and thereby making them subsidiaries. Additionally, Rs 25 crore will be utilised for debt payment, and a portion would be used for general corporate purposes. The shares of the company are proposed to be listed on BSE and NSE.
