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Dodla Dairy will enter Dalal Road subsequent week to lift Rs 520 crore by means of an preliminary public providing (IPO), comprising of a contemporary challenge of fairness shares and a suggestion on the market by present shareholders. The IPO is ready to open on June 16 and can shut on June 18. Traders can bid for shares of Dodla Dairy Restricted on the fastened worth band of Rs 421-428 per share, in a bid lot of 35 shares and multiples thereafter. The corporate had filed draft papers with SEBI earlier this yr and had obtained approval from the capital markets regulator to drift its public providing within the final week of April.
The problem of Dodla Dairy consists of a contemporary challenge of fairness shares value Rs 50 crore and a suggestion on the market (OFS) of as much as 1.09 crore fairness shares of face worth Rs 10 every. The promoting shareholders embrace promoters Dodla Sunil Reddy and Dodla Deepa Reddy, together with TPG Dodla Dairy Holdings. Publish challenge, promoter shareholding within the firm will drop to 64.17% from the present 68.52%. Public shareholding in Dodla Dairy will enhance to 35.83% from 31.48% pre-issue. The variety of shares of Dodla Dairy will enhance to five.95 crore.
50% of the problem or roughly 60.76 lakh fairness shares on provide have been reserved for certified institutional consumers (QIB). Non-Institutional Traders (NII) can bid for 18.23 lakh fairness shares or 15% of the entire challenge. Retail traders are eligible for 35% of the entire challenge or 42.53 lakh fairness shares. Dodla Dairy plans to make use of the funds increase by way of the contemporary challenge to re-pay or pre-pay debt availed by the corporate. A part of the funds may also be utilised in direction of incremental capital expenditure necessities.
Dodla Dairy is an built-in dairy firm primarily based in south India. The first income for the corporate is from the sale of milk and dairy-based Worth Added Merchandise within the branded shopper market. The corporate promote contemporary milk, ghee, butter, curd, paneer, amongst different dairy merchandise, that are focused at consumption at house. They promote UHT milk, flavoured milk, ice cream and drinks corresponding to buttermilk below their model, primarily for direct consumption, based on Axis Capital. The corporate has continued to stay worthwhile for the final three fiscal years.