Punjab Carbonic files draft red herring prospectus offering 95L shares
Business
Punjab Carbonic, known for its work in carbon capture and industrial gasses, filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India to offer 95 lakh shares (60 lakh new, 35 lakh from existing investors), which will be listed on both the National Stock Exchange and the Bombay Stock Exchange.
Punjab Carbonic IPO funds CO2 plants
Funds from the IPO will help Punjab Carbonic build two new CO2 recovery plants in Andhra Pradesh, buy transport tankers, and expand their ethanol business in Punjab.
Part of the cash will also go toward paying off debts and other company needs.
Beeline Capital Advisors is managing the IPO, with KFin Technologies as registrar.