SEBI approves Allied Blenders’ IPO

Allied Blenders and Distillers Ltd. has received approval from the Securities and Exchange Board of India (SEBI) to go-ahead with its initial public offering of shares nearly six months after filing the draft papers.

The IPO comprises fresh issue of equity shares worth Rs 1,000 crore, and an offer for sale by promoters Bina Kishore Chhabria, Resham Chhabria, Jeetendra Hemdev, Neesha

Kishore Chhabria, aggregating up to Rs 1,000 crore.

Of the total proceeds from the fresh issue, it plans to utilise Rs 700 crore to repay debt and the rest for general corporate purposes. The company plans to introduce products in the premium, semi-premium, and deluxe segments that will help improve its profitability.