India’s integrated milk and dairy company, Prabhat Dairy, is planning to raise up to Rs300 cr (US$45 million) through an initial public offering (IPO) to be opened on August 28 and scheduled to close on September 1.

 

The funds raised will be used to as a partial pre-payment of loans taken on the by company and its wholly-owned subsidiary, SAIPL, for general expenditures, and for general corporate purposes, according to Prabhat Dairy chairman and managing director, S R Nirmal.

 

As of June 30, Prabhat had an aggregate milk processing capacity of 1.5 million liters per day with modern production facilities in Ahmednagar and Mumbai.

 

The shares will be listed on the National Stock Exchange of India Ltd. (NSE), and the Bombay Stock Exchange (BSE).