Pen manufacturer Flair Writing Industries has filed its draft papers with markets regulator Sebi to raise funds through an initial public offer.
The company proposes to utilize the net proceeds raised through the fresh issue for the purchase of machinery, constructing new factory buildings and related facilities at manufacturing plant in Valsad, Gujarat, funding working capital requirements, repayment/pre-payment of debt and for general corporate purposes.
The company may consider issuing and allotting up to 7,00,000 equity shares on a private placement basis for cash consideration aggregating up to Rs 50 crore at its discretion prior to registering the red herring prospectus, it added.
Axis Capital Ltd and Edelweiss Financial Services Ltd are the books running lead managers to the issue.
The equity shares of the company will be listed on BSE and NSE.