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Mar, 25 2015

Prabhat Dairy to raise Rs 500-600 crore

The firm has already hired a domestic investment bank for the initial public offering (IPO) and is looking to hire more bankers, said two people aware of the development.

Prabhat Dairy, the Mumbai based dairy producer is planning to raise Rs 500-600 crore by selling shares to the public, reported Mint.

The firm has already hired a domestic investment bank for the initial public offering (IPO) and is looking to hire more bankers, said two people aware of the development.

Prabhat Dairy, which sells Milk Magic condensed milk, Flava flavoured milk and All Rounder skimmed milk powder, is backed by India Agribusiness Fund (IAF), which is sponsored by Rabobank Group.

“Prabhat is looking to raise anywhere between Rs.500-600 crore through the IPO, and existing private equity investors are looking at exiting partly,” said the second person, adding the firm has not yet decided when to file IPO papers with the market regulator.

“Investment bankers are exploring alternative fund-raising options so as to put forth the same to the board of directors. Only the board of directors can take any decision,” said Prabhat’s spokesperson in an email quert to Mint.

Started in 1998 by Sarangdhar Nirmal, the firm manufactures ghee, flavoured milk, sweetened condensed milk and skimmed milk powder, apart from packaged milk.

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