IPO
Contract manufacturer Functional & Innovative Foods gets Sebi’s nod for IPO
Namakkal, Tamil Nadu-based Functional & Innovative Foods has received approval from the Securities and Exchange Board of India for a proposed initial public offering.Founded in 2020, Functional & Innovative Foods is a food contract manufacturer with a portfolio that includes ready-to-eat and ready-to-cook products, staples, sugar alternatives, and spices. Its proposed IPO includes a fresh issue of 60 lakh equity shares and an offer for sale of 25 lakh equity shares.The company plans to use the fresh issue proceeds to set up new manufacturing units in Namakkal and Dhar, Madhya Pradesh, as well as to repay certain borrowings and meet long-term working capital requirements.
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