Dodla Dairy IPO set to open on June 16

Hyderabad: City-based Dodla Dairy is going to hit the capital markets on June 16 and has set its price band at Rs 421-428 per share for a Rs 520 crore initial public offer (IPO). The issue will close on June 18.

Dodla Dairy IPO offer comprises a fresh issue of up to Rs 50 crore and an offer for sale of up to 1,09,85,444 equity shares by promoters and investors. The offer for sale consists of 92 lakh equity shares by investor TPG Dodla Dairy Holdings, and 4,16,604 equity shares by Dodla Sunil Reddy, 10,41,509 equity shares by Dodla Family Trust, and 3,27,331 equity shares by Dodla Deepa Reddy.

The funds raised through the IPO will be utilised for repaying debts of Rs 32.26 crore availed from ICICI Bank, the Hongkong and Shanghai Banking Corporation (HSBC) and HDFC Bank, and for capital expenditure requirements of around Rs 7.15 crore.