Capricorn Food Products India Ltd, has received approval from Sebi to float an initial public offering (IPO).

The papers for IPO were filed in February and the company has received its observations on April 12. As per the draft papers, the company’s IPO consists of fresh issue of equity shares worth Rs.171 crore and an offer for sale of up to 76.43 lakh scrips by the existing shareholders.

Furthermore, the proceeds from the issue will be used for repaying certain debt, investment in its subsidiary Gonglu-for repaying certain borrowings taken by it and for general corporate purposes.

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