Allied Blenders files papers for Rs 2,000-cr IPO

Mumbai: City-based Allied Blenders and Distillers has filed its draft red herring prospectus (DRHP) with Sebi for a ₹2,000 crore initial public offering (IPO). The issue will consist of a fresh share issue worth up to ₹1,000 crore and an offer-for-sale of ₹1,000 crore by the promoter and existing shareholders.

Bina Kishore Chhabria is expected to sell shares worth up to ₹500 crore, while Resham Chhabria along with Jeetendra Hemdev and Neesha Kishore Chhabria are likely to sell shares worth ₹250 crore each.

The proceeds from its fresh issuance worth ₹708.98 crore will be utilised for prepayment or scheduled re-payment of a portion of certain outstanding borrowings and balance for general corporate purposes. The company may consider a preferential issue of equity shares or another method aggregating up to ₹200 crore.