Archean Chemical Industries, a speciality marine chemical manufacturer, has filed preliminary papers with markets regulator Sebi to raise Rs 2,200 crore through an initial public offering (IPO).
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IPO consists of a fresh issue of equity shares aggregating up to Rs 1,000 crore and an offer for sale of up to 1.9 crore shares by the promoter and investors, including the India Resurgence Fund, a joint venture between the Piramal Group and Bain Capital, according to the draft red herring prospectus (DRHP).
The company plans to use the proceeds of the fresh issue for the redemption of non-convertible debentures (NCDs) issued by it.
