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Coimbatore-based Servalakshmi Paper, engaged in the business of manufacturing printing and writing paper and newsprint, has received SEBI nod for its proposed initial public offering of Rs 60 crore.
The company has proposed to use the net proceeds for purchase of equipments for producing value added products, augmenting long-term working capital requirement and to meet the preliminary and pre-operative expense.
The company has embarked upon setting up an integrated paper mill with a capacity to produce 300 tonnes per day along with a 15-MW multi-fuel captive power plant at a single location.
The total investment is estimated at Rs 340 crore and the entire project will be completed in two phases. The company has successfully completed the phase-I of the project and started the commercial production on April 1, the company said in a press release. The company intends to meet the requirements of phase-II through the proposed IPO, it said.
The company manufactures wide range of products based on the customer specification. The company has also been certified by Forest Stewardship Council (FSC), an international certification and labelling system, that guarantees that paper and wood products carrying its label, come from environmentally and socially responsible sources.
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