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Emulsions-maker Jesons Industries files papers for Rs.900-Cr public issue

Economic Times  

Jesons Industries, a manufacturer of specialty coating emulsions and pressure-sensitive adhesives, has filed IPO papers with Sebi. The company plans to raise INR 800-900 crore. The Mumbai-based company's IPO comprises equity shares of the face value of INR 5 each and a fresh issue aggregating up to INR 120 crore, with a reservation of up to 77,000 equity shares for employees and an offer for sale of up to 12,157,000 equity shares, by Dhiresh Shashikant Gosalia, a promoter entity, with 86.53 % pre-offer equity share capital in the company. Proceeds from the fresh issuance of shares will be used to the extent of INR 90 crore to pay off borrowings availed by its subsidiary besides general corporate purposes.