Servalakshmi Paper Ltd receives SEBI approval for its IPO

MUMBAI: Servalakshmi Paper Ltd on Thursday said that it has received SEBI approval for its proposed Initial Public Offering ( IPO).

The company is engaged in the business of manufacturing printing and writing paper and newsprint.

It proposes to hit the market soon with its IPO of Rs 60-crore through the 100 per cent book-building process, a press release issued here stated.

The proceeds of the IPO are planned to be used for purchase of equipment for producing value-added products, augmenting long-term working capital requirement and to meet the preliminary and pre-operative expenses, the release said.

Keynote Corporate Services is the book-running lead manager to the issue and Indian Overseas Bank is the co-book-running lead manager.

Link Intime India is the Registrar to the issue, the release said.