Sheel Biotech’s Rs 34-cr IPO opens today

New Delhi: Sheel Biotech, an biotechnology-driven agriculture solutions player, on Monday announced a price band of Rs 59-63 per share for the Rs 34.02 crore initial share sale.

The Initial Public Offering (IPO) will open for public subscription on September 30 and conclude on October 3, the company said in a statement.

The IPO is entirely a fresh issue of 54 lakh equity shares, aggregating to an issue size of Rs 34.02 crore. The company has fixed a price band of Rs 59-63 per equity share, it added.

Proceeds from the fresh issue to the tune of Rs 15.88 crore will be used for working capital requirement, Rs 9.11 crore will be utilised to meet out the capital expenditure requirements, and the balance for general corporate purposes.