Regreen-Excel eyes Rs 350cr

New Delhi: Ethanol plants manufacturer Regreen-Excel EPC India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).The company’s initial share-sale comprises a fresh issue of equity shares worth Rs 350 crore and an offer-for-sale (OFS) of 1.14 crore equity shares by promoters, according to the draft red herring prospectus (DRHP). The company proposes to utilize the net proceeds from fresh issue for payment of debt, funding margin money requirements for the purpose of availing bank guarantees; and for general corporate purposes. Regreen-Excel EPCR is a technology-driven EPC company, engaged in designing, manufacturing and supplying ethanol plants. Over the years, the company has built end-to-end capabilities in setting up ethanol plants, across feedstocks such as molasses/ sugarcane syrup, grains or a combination thereof, which it to provide concept to commissioning solutions to their customers.