Orkla India IPO: MTR owner files draft papers with SEBI to mop up funds

Orkla India, the owner of foods product companies MTR Foods and Eastern Condiments, has filed draft papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

The issue is a complete offer for sale of 2.28 crore equity shares.

Under the OFS, the company’s promoter Orkla Asia Pacific Pte along with shareholders Navas Meeran and Feroz Meeran will offload equity shares in the IPO, according to the DRHP.
At present, the promoters, Orkla Asia Pacific Pte and Norwegian industrial investment company Orkla ASA, hold a 90% stake in the company, while Navas Meeran and Feroz Meeran own 5% each.

Shareholders will get the entire proceeds and the company, which was formerly known as MTR Foods, will not receive any proceeds from the OFS.

ICICI Securities, Citigroup Global Markets India, JP Morgan India and Kotak Mahindra Capital Company are the lead book running managers for the IPO.

Bengaluru-based Orkla India is a multi category food company, the key product offerings are spices and convenience foods.