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Apr, 28 2015

Manpasand Beverages gets SEBI nod to raise Rs 400 crore via IPO

With this funding, the juice maker will set up a manufacturing unit in Punjab-Haryana and will also set up a corporate office at Vadodara.

Gujarat based Manpasand Beverages has received the approval of the Securities and Exchange Board of India (SEBI) for raising Rs 400 crore via initial public offering (IPO), reported PTI.

SAIF partner backed fruit drink maker has filed its draft red herring prospectus (DRHP) with capital market regulator SEBI in November 2014 for the proposed offer.

SEBI issued its final observations in the draft offer document on April 23, which is necessary for any company to float the IPO.

Manpasand Beverages known for its ‘Mango Sip’ and Litchi juices has three manufacturing facilities in Vadodara, Varanasi and Dehradun.

With this funding, the juice maker will set up a manufacturing unit in Punjab-Haryana and will also set up a corporate office at Vadodara.

The group is also aiming at modernisation of existing facilities in Vadodara and Varanasi, repayment of loans and other general corporate purposes with the new investment.

The company is targeting revenues worth Rs 300 crore by the end of this year and over Rs 1,000 crore by 2016.

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