Pragyawan Tech, Functional Foods File IPO Papers with Sebi

New Delhi, Jul 1 (PTI) Pragyawan Technologies has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO) comprising a fresh issue of shares valued at Rs 400 crore.

Along with the fresh issue, there will be an offer for sale (OFS) of 1.5 crore equity shares by promoters -- Puneet Jain and Shefali Jain, according to the draft red herring prospectus (DRHP) filed on Tuesday.

Proceeds from the fresh issuance will fund working capital requirements and general corporate purposes.

Pragyawan Technologies supplies skill development and training products, offering varied utility solutions and operations and maintenance services.

Pantomath Capital Advisors is the sole book running lead manager to the public issue.


Meanwhile, Functional & Innovative Foods has filed draft papers with Sebi to raise funds through an IPO.

The proposed IPO is a combination of a fresh issue of 60 lakh equity shares and an OFS of 25 lakh shares by a promoter Senthil Kumar Chinnusamy.

The company plans to use the money raised from the IPO for setting up a new factory in Namakkal, Tamil Nadu, to make sprouted and fortified food products. Also, it will establish another new factory in Dhar, Madhya Pradesh, to increase the production of its current product line.

Additionally, funds will be used for debt payment and general corporate purpose.

Functional & Innovative Foods is an integrated food contract manufacturing company offering a diversified product portfolio to businesses of varying scales, from emerging brands to multi-national fast moving consumer goods (FMCG) companies with a focus on quality and food safety.