Sresta Natural Bioproducts Limited, which promotes ‘24 Mantra’ organic brand, has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to float an initial public offering
The issue comprises a fresh issue of equity shares aggregating up to ₹50 crore and an offer sale of up to 70.3 lakh equity shares by the selling shareholders, including 22.50 lakh shares by Peepul Capital Fund III.
The company proposes to utilise the net proceeds from the fresh issue towards funding the working capital requirements (₹31.45 crore) and repayment of borrowings.
Founded in 2004, the firm is engaged in the business of procuring, processing, manufacturing and marketing of organic food products. It has presence in 34 countries. The firm has a network of 34,516 farmers with an aggregate area of 1.90 lakh acres in 12 States and 65 vendors and companies.